SINGAPORE: CBOT December wheat may break a support at $5.10-3/4 per bushel, and fall to the next support at $5.07, as suggested by its wave pattern and a projection analysis.
These supports are identified as the 61.8 percent and the 76.4 percent projection levels of a downward wave C from $5.27. The bounce triggered by the support at $5.10-3/4 was quickly reversed. The reversal signals a prevailing bearish sentiment.
Such a sentiment may help drive the price down to $5.01. A more realistic target will be $5.07. Resistance is at $5.14, a break above which could lead to a gain limited to $5.17. ‑Reuters
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Source: Brecorder
