TECHNICALS-CBOT wheat may fall into $6.13-1/4 to $6.14-1/4 range
SINGAPORE, May 6 (Reuters) - CBOT July wheat WN26 may fall into a range of $6.13-1/4 to $6.14-1/4 per bushel, driven by a wave c.
A retracement analysis on the uptrend from $5.77-1/2 to $6.71 reveals a break below the 50% level of $6.24-1/4. The break opened the way toward $6.13-1/4.
In the meantime, this wave observes a series of projection levels on the uptrend from $5.90-1/2. The 61.8% level f $6.14-1/2 serves as a similar target.
A break above $6.24-1/4 could lead to a gain to $6.29-1/2. On the daily chart, the market has broken a support at $6.25-1/4.
The break opened the way toward $6.07-1/4.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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.
tech
tech
Recommended Articles
Comments (0)
Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.