Technicals-CBOT wheat may retest resistance at $6.83-1/4
WEAT•Support and chart outlook
Support is at $6.69, a break below which may trigger a fall into the $6.60 to $6.64-1/4 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 could quickly drive the market to the recent high of $7.00. Correction is expected to be shallow and likely have a floor at $6.70.
Wheat may retest resistance at $6.83-1/4
SINGAPORE, July 16 (Reuters) - CBOT September wheat WU26 may retest a resistance at $6.83-1/4 per bushel, a break above which could lead to a gain to $6.89-1/2.
A projection analysis on a wave c from $6.02-1/2 reveals this wave's capacity to extend further to $6.89-1/2, its 161.8% level, as it has come close to $6.83-1/4, the 150% level.
