TECHNICALS-CBOT wheat may retrace into $6.56-1/4 to $6.60 range

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SINGAPORE, July 17 (Reuters) - CBOT September wheat WU26 may retrace into a range of $6.56-1/4 to $6.60 per bushel, as suggested by its wave pattern and projection analysis.

The current correction is supposed to consist of three waves. The wave c is unfolding toward the target zone, assuming it is roughly equal to the wave a.

Resistance is at $6.77, a break above which could lead to a gain into $6.83-1/4 to $6.89-1/2 range. On the daily chart, the wave pattern suggests the development of a very powerful wave 3, the fiercest among all the waves of the uptrend from $5.74.

This wave seems to have experienced a hiccup around a resistance at $6.97-1/4. The shooting star on Thursday suggests a further fall on Friday.

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

** 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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