SINGAPORE, Oct 15 (Reuters) - The CBOT wheat December contract <WZ0> may establish a trend soon, as the current consolidation is approaching an end.
A descending wedge may contract to a point above $6.88-1/2, the 61.8 percent Fibonacci retracement level on the rise from $6.57 to $7.39-3/4.
It is not strategically safe to assume a bullish move right now even if the bias is for a rise, as a resistance at $7.12 needs to be cleared to confirm the development of an uptrend.
No comments:
Post a Comment