CBOT wheat may test support at $6.69
WEAT•Technical outlook for CBOT September wheat
SINGAPORE, July 21 (Reuters) - CBOT September wheat WU26 may test support at $6.69 per bushel, a break below which may trigger a fall into the range of $6.56-1/4 to $6.64-1/4.
Three waves make up the current correction. Wave c may travel below the bottom of wave a around $6.69. A weak wave c may end around this level.
Immediate resistance is at $6.77, a break above which could lead to a gain into the range of $6.83-1/4 to $6.89-1/2.
On the daily chart, the uptrend remains intact. The correction triggered by the resistance at $6.97-1/4 seems to have been driven by a wave 4, which will be reversed by an upward wave 5.
Considering that wave 2 is very brief and shallow, the current wave 4 may end soon.
