CBOT wheat may bounce into $6.95-3/4 to $6.99-1/2 range

By Reuters News

SINGAPORE, Oct 5 (Reuters) - CBOT December wheat may break a resistance at $6.90 per bushel and bounce into a range of $6.95-3/4 to $6.99-1/2.

A short uptrend seems to be developing within a channel. As long as the market remains above a support at $6.83-3/4, the uptrend will be considered intact.

A five-wave cycle from $7.36 may have completed. The peak of the wave 4 around $6.99 serves as a target. A break below $6.83-3/4 may trigger a fall into $6.77 to $6.80-1/2 range.

On the daily chart, the market has stabilized around a key support at $6.68-1/2, the 61.8% retracement of the uptrend from $5.90 to $7.94-1/2.

The stabilization, along with the following bounce, suggests a reversal of the downtrend from $7.94-1/2.

* 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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