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CBOT wheat to correct to $6.81 a bushel
SINGAPORE : CBOT September wheat is expected to retrace to $6.81 per bushel, as it failed a resistance zone of $7.20-$7.
SINGAPORE: CBOT September wheat is expected to retrace to $6.81 per bushel, as it failed a resistance zone of $7.20-$7.26.
The zone was formed by a descending trend-line resistance and the 61.8 percent Fibonacci projection level of a wave "c" target. A failure to clear this zone has led to a retracement which is seen progressing.
But once the contact surges above $7.26, a further gain to $7.78 could be expected, as the wave "c" would be confirmed extending towards the 100 percent Fibonacci projection level.
Copyright Reuters, 2010
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