SINGAPORE: CBOT December wheat is expected to test a resistance at $6.09-3/4 per bushel, a break above which could lead to a gain to the next resistance at $6.27.
These resistances are identified respectively as the 100 percent and the 114.6 percent projection levels of an upward wave C.
This wave consists of five smaller waves. The third wave labeled (3) is unfolding. This wave was thought to have ended at the Aug. 2 high of $6.13. The gain from the Aug. 6 low of $5.75-1/4 signals an extension of this wave towards $6.55-1/4.
Support is at $5.93-1/4, a break below which could cause a loss to $5.81-1/4.
No information in this analysis should be considered as being business, financial or legal advice.
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Source: Brecorder
