TECHNICALS-CBOT wheat may test support at $6.69
SINGAPORE, July 21 (Reuters) - CBOT September wheat WU26 may test support at $6.69 per bushel, a break below which may trigger a fall into the range of $6.56-1/4 to $6.64-1/4.
Three waves make up the current correction. Wave c may travel below the bottom of wave a around $6.69. A weak wave c may end around this level.
Immediate resistance is at $6.77, a break above which could lead to a gain into the range of $6.83-1/4 to $6.89-1/2.
On the daily chart, the uptrend remains intact. The correction triggered by the resistance at $6.97-1/4 seems to have been driven by a wave 4, which will be reversed by an upward wave 5.
Considering that wave 2 is very brief and shallow, the current wave 4 may end soon.
* 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.