TECHNICALS-CBOT wheat may fall towards $5.95-1/2

ReutersMay 7, 2026 7:47 AM

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SINGAPORE, May 7 (Reuters) - CBOT July wheat WN26 may fall towards $5.95-1/2 per bushel, driven by a wave c.

A projection analysis reveals that this wave has again travelled below its 100% projection level of $6.10-1/2. It is highly likely to extend to $5.95-1/2, the 138.2% level.

The resistance zone is from $6.10-1/2 to $6.13-1/4, a break above which could lead to a gain into the $6.16 to $6.20 range. On the daily chart, the contract has broken a key support at $6.13-3/4.

The break opened the way toward a range of $5.90-3/4 to $6.00.

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.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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