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CBOT wheat may test resistance at $5.99-1/2

By Reuters News

SINGAPORE, Nov 13 (Reuters) - CBOT December wheat may test a resistance at $5.99-1/2 per bushel, a break above which could lead to a gain into the $6.05 to $6.08-1/4 range.

The market quickly surged above a support at $5.82, after briefly piercing below this level. A key reversal pattern has formed.

Together with the multiple bullish divergences on the hourly MACD, the pattern suggests a trend reversal. Strategically, the reversal will be confirmed when the market breaks above $5.99-1/2.

A break below $5.85-1/4 would suggest a continuation of the downtrend toward $5.62-1/2 to $5.67-3/4. On the daily chart, there might be a false break below the support at $5.89-1/2.

The false break would be followed by a bounce toward $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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