SINGAPORE: CBOT wheat may test a resistance at $8.76 per bushel, a break above which could lead to a gain to $8.86-3/4.
The contract has found a support of $8.58-1/2, the 61.8% retracement, which is strengthened by a similar one at $8.58.
Only one participant in country’s wheat tender
These supports are working together to stop the fall and trigger a bounce.
A break below $8.58-1/2 may open the way towards $8.47-1/4.
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