Monday, October 11, 2010

Wheat Technicals from Reuters

SINGAPORE, Oct.11 (Reuters) - The CBOT wheat December contract will extend its gain to $7.57 per bushel, the wave (b) peak, as a bullish trend has been established.

The uptrend is developing towards an eventual target at $8.68, as the correction from that level adopted an "a-b-c" wave mode, which indicates the following rally would be able to push the price high above the preceding wave "3" top.

But before the aggressive $8.68 level is targeted, a realistic target would be at $7.57, and correction would be limited to a descending trendline support at $7.00.

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