Monday, October 18, 2010

Wheat Technicals from Reuters

SINGAPORE, Oct 18 (Reuters) - CBOT wheat's December contract may rise towards $7.25 per bushel, as a consolidation that started from $7.39-¾   could have completed.

A descending wedge was broken at its upper trendline resistance of $7.06.

The contract then found strong support at $6.95, which is sandwiched between $6.88-½   and $6.98-⅜   - the 61.8 percent and 50 percent Fibonacci retracement levels on the rise from $6.57 to $7.39-3/4.

A fall below support at $6.95 would be very bearish, as it may extend to $6.69.

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