SINGAPORE: CBOT May wheat may retest a support at $4.64-1/2 per bushel, a break below which could cause a further loss to the next support at $4.55-1/2.
These supports are identified respectively as the 38.2 percent and the 50 percent projection levels of a downward wave C from $4.94.
It is not very clear how strong this wave will be. It may end around $4.64-1/2, if it is very weak. A break above $4.75-3/4 could confirm the completion of this wave.
A break below $4.64-1/2 could confirm the extension of the wave C towards $4.55-1/2.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Source: Brecorder
