TECHNICALS-CBOT wheat may test support at $5.94

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SINGAPORE, June 3 (Reuters) - CBOT July wheat WN26 may test a support at $5.94 per bushel, a break below which could trigger a fall to $5.87-1/4.

The contract has broken a higher support at $6.00-3/4. The next support will be at $5.94. The whole downtrend is developing within a falling channel, which indicates a target of $5.79.

A break above $6.00-3/4, now a resistance, may led to a gain to $6.09. On the daily chart, the market has broken a rising trendline.

The break confirmed a reversal of the uptrend from $5.25-3/4. The bottom of a wave B at $5.77-1/2 serves as a target.

** 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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