CBOT wheat may retest resistance at $7.03-1/4

By Reuters News

SINGAPORE, Sept 28 (Reuters) - CBOT December wheat may retest a resistance at $7.03-1/4 per bushel, a break above which could open the way towards the $7.08-3/4 to $7.12-3/4 range.

The contract has stabilized around a key support at $6.88, one of the possible bottoms of a downtrend from $7.43-1/2. The current bounce may consist of three waves. The upward wave c is yet to unfold.

A break below $6.93-3/4 may trigger a fall to $6.88.

* 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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