TECHNICALS-CBOT wheat may retest resistance at $6.16

ReutersMay 8, 2026 8:10 AM

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SINGAPORE, May 8 (Reuters) - CBOT July wheat WN26 may retest a resistance at $6.16 per bushel, a break above which may lead to a gain into $6.20 to $6.25-3/4 range.

The final part of a wave c from $6.50-1/4 has been shaped into a falling wedge, which is classified as a bottom pattern, as a bullish divergence formed on the hourly MACD.

Immediate support is at $6.07-3/4, a break below which may trigger a fall into $6.01-1/4 to $6.04-3/4 range.

On the daily chart, the contract seems to be stabilising around a support at $6.13-3/4.

The stabilisation could be followed by a bounce toward $6.24-3/4.

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.

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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