Soft Commodity Technicals by Reuters
Posted by admin on Oct 27, 2010 | Leave a Comment
WHEATSINGAPORE, Oct 27 (Reuters) – CBOT wheat’s December contract is expected to pull back towards the middle channel line support at $6.80 as strong resistance is seen at $7.00-1/2.
A further confirmation on the break of the middle channel line is needed.
Wheat failed to overcome the resistance at $7.00 -½ – the 61.8 percent Fibonacci retracement level on the fall from $7.22-¼ to $6.55 – and as a result, it may fall further.
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