CBOT wheat may retrace into $6.56-1/4 to $6.60 range

WEAT•2026-07-17

CBOT wheat retracement target and resistance levels

SINGAPORE, July 17 (Reuters) - CBOT September wheat WU26 may retrace into a range of $6.56-1/4 to $6.60 per bushel, as suggested by its wave pattern and projection analysis.

The current correction is supposed to consist of three waves. The wave c is unfolding toward the target zone, assuming it is roughly equal to the wave a.

Resistance is at $6.77, a break above which could lead to a gain into $6.83-1/4 to $6.89-1/2 range. On the daily chart, the wave pattern suggests the development of a very powerful wave 3, the fiercest among all the waves of the uptrend from $5.74.

This wave seems to have experienced a hiccup around a resistance at $6.97-1/4. The shooting star on Thursday suggests a further fall on Friday.

CBOT wheat may retrace into $6.56-1/4 to $6.60 range

CBOT wheat retracement target and resistance levels

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