Wheat Technicals from Reuters

 

   

SINGAPORE, Oct. 12 (Reuters) - CBOT wheat's December contract would resume the rally on Tuesday, and return to the Monday high at $7.39-¾   per bushel, as strong support is observed around $7.03.

A Fibonacci retracement analysis on the wave "3" rise from $6.57 to $7.39-¾   reveals a support zone between $6.98-½   and $7.08 - the 38.2 percent and 50 percent levels.

What enforces the zone is a descending trendline support at $7.00, and together, they make it hard for a further slide.

Support is at $7.03, a fall below which would extend to $6.88-½   - the 61.8 percent Fibonacci retracement level.

Wheat Technicals from Reuters

SINGAPORE, Sept 30 (Reuters) - The CBOT wheat December contract is expected to rebound slightly to $7.00 per bushel as a pullback to the lower trendline of a triangle. 

A long-shadowed hammer formed on its daily candlestick chart, after wheat briefly rose past a projected level at $6.67, likely providing a temporary support to hold up the slide. 

Support is at $6.69, a fall below which would indicate a resumption of the bear trend. A further decline below $6.63-¼    would open the way towards $6.27.