SINGAPORE: CBOT December wheat will end its weak rebound from Monday's low of $8.76 a bushel below a resistance at $8.94, and drop back to $8.76.
The current fall from $9.31 is expected to totally reverse a corrective wave cycle on the rise from $8.57-1/4 to $9.31, so the rebound may stop below the 50 percent Fibonacci retracement on the cycle.
Support is at $8.74-1/2, the 76.4 percent retracement, a break below which will open the way towards $8.57-1/4, the Aug. 14 low.
No information in this analysis should be considered as being business, financial or legal advice. 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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