SINGAPORE: CBOT May wheat may retest a support at $6.84-1/4 per bushel, a break below could open the way towards $6.75-3/4. A five-wave cycle is near completion.
The difficulty is to fix its ending point, as the contract is riding on a wave 5, the bottom of which is generally very hard to forecast.
Only a rise above $6.98 could confirm the completion.
However, one thing for certain is the downtrend has become exhausted, while the bullish divergence keeps on building on hourly RSI.
A break above $6.89-1/2 could lead to a gain into $6.93-3/4 to $6.98 range. On the daily chart, a projection analysis reveals a target of $6.75-1/2, which is close to $6.75-3/4 (hourly chart).
Wheat drops to 18-month low on Black Sea grain deal optimism
It would be quite safe to assume that a bottom may form around $6.75.
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发表于 2023-3-10 06:44
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