TECHNICALS-CBOT wheat signals mixed
WEAT•Analyst note and disclaimers
- Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on the Workspace platform, a London Stock Exchange product.
** No information in this analysis should be considered as being business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.
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Resistance and daily-chart bias
Immediate resistance is at $7.50-1/4, a break above could lead to a gain into the $7.55-1/4 to $7.60 range. On the daily chart, both the channel technique and candlestick pattern suggest a downside bias.
Bearish pattern and downside wave
The three black crows between Sept. 2 and Sept. 4 represent a bearish market sentiment. The correction from $7.95 may consist of three waves. So far, only two have unfolded.
The downward wave c is yet to unfold toward $6.90-1/4, which is pointed by a rising channel, assuming the correction is the same degree as the one from $7.28-1/4.
