CBOT wheat may rise toward $7.18-$7.23 range
WEAT•Technical outlook for CBOT September wheat
SINGAPORE, July 23 (Reuters) - CBOT September wheat WU26 may rise toward a range of $7.18 to $7.23 per bushel, as suggested by a projection analysis and a pennant.
The contract has climbed far above $6.89-1/2, the 161.8% projection level of the uptrend from $6.02-1/2. Based on this projection analysis, the market could extend into a range of $7.30-3/4 to $7.43-1/2.
A realistic target zone is from $7.12 to $7.23. Immediate support is at $7.02-3/4, a break below which could trigger a fall into $6.89-1/2 to $6.97-1/2 range.
On the daily chart, the uptrend remains intact. It is riding on a wave 5, which may develop into an extended fifth wave, longer than wave 3 and wave 1.
A projection analysis marks a conservative target of $7.35-1/4.
