SINGAPORE, Oct.1 (Reuters) - CBOT wheat's December contract is seen slipping to $6.27-½ per bushel, as a wave "c" may develop further.
A Fibonacci projection on the length of wave "c" points to $6.67 and $6.27-½ respectively, being the 100 percent and 161.8 percent levels, based on the length of wave "a".
The 100 percent Fibonacci level has been broken below, and quite likely, the next level at $6.27-½ will be touched soon.
Any rebound will be limited to resistance at $6.87, a rise above which could extend to the contracting range of the triangle between $7.00 and $7.10.
No comments:
Post a Comment