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CBOT wheat may test resistance at $6.05

By Reuters News

SINGAPORE, Nov 12 (Reuters) - CBOT December wheat may test a resistance at $6.05 per bushel, a break above which could lead to a gain into the $6.08-1/4 to $6.13-3/4 range.

The bounce from $5.85-1/4 consists of three waves. The current wave c is expected to travel to $6.08-1/4, assuming it is roughly equal to the wave a.

Immediate support is at $5.99-1/2, a break below which may trigger a fall into the $5.90-3/4 to $5.96-1/4 range. On the daily chart, a retracement analysis on the uptrend from $5.57-1/4 reveals a similar target of $6.13-1/4, the 76.4% level, which is also pointed by a falling channel.

The bounce toward $6.13-1/4 is presumed to be the same degree as the one from $6.70-3/4. Based on this presumption, the bounce may end around $6.13-1/4.

* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on Workspace -- a platform provided by London Stock Exchange.

** 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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