CBOT wheat poised to rise into $6.87-3/4 to $6.94-1/4 range
WEAT•CBOT September wheat breaks resistance
CBOT September wheat WU26 is poised to rise into a range of $6.87-3/4 to $6.94-1/4 per bushel, as it has broken the resistance at $6.81-1/4.
After failing twice, the market is retesting the resistance at $6.81-1/4. A break would be highly likely. Once it overcomes this barrier, the contract is expected to test the next one at $6.87-3/4, the 50% projection level of wave c from $6.60.
Further upside levels on the daily chart
Theoretically, this wave could travel into the range of $6.94-1/4 to $7.15-1/4. On the daily chart, the contract has broken the resistance at $6.73-3/4.
The break opened the way toward $6.97-1/4 to $7.13-1/2 range.
