SINGAPORE: CBOT December wheat may test a resistance at $7.25-3/4 per bushel, a break above which could lead to a gain into $7.31-1/2 to $7.40-3/4 range.
The contract is riding on a wave c, which may extend to $7.25-3/4.
Given that the wave c has not been disrupted by any decent correction, it may be affected by a drop when travelling to $7.25-3/4.
Support is at $7.10-1/2, a break below which could cause a fall into $6.95-1/4 to $7.05-3/4 range.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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