TECHNICALS-CBOT wheat may retrace to $6.16
SINGAPORE, May 11 (Reuters) - CBOT July wheat WN26 may retrace to $6.16 per bushel, following its failure to break a resistance at $6.25-3/4.
The failure suggests a completion of the bounce triggered by the support at $6.04-3/4, or the first round of the bounce. A rising trendline points at $6.16.
A break above $6.25-3/4 may lead to a gain into $6.30-1/2 to $6.35 range.
On the daily chart, a retracement analysis on the uptrend from $5.78-1/4 to $6.71 reveals a resistance at $6.24-3/4, which is close to $6.25-3/4 on the hourly chart.
The contract could either hover below $6.24-3/4 or retrace toward $6.13-3/4.
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.
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