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.

Wheat Analysis from Reuters

   

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.

   

Wheat Technicals from Reuters

SINGAPORE, Oct. 14 (Reuters) - CBOT wheat's December contract <WZ0> may retrace further towards $6.88 after failing to establish an uptrend during the previous trading session.

The retracement has zigzagged down within a descending wedge, which is expected to complete around $6.88 - the 61.8 percent Fibonacci retracement level on the rise from $6.57 to $7.39-3/4.

The wave pattern indicates a possible wave "4" or "3-2" retracement, both to be followed by a rise towards $7.39-3/4.

But wheat needs to clear a resistance at $7.22 to confirm an uptrend has resumed as a failure to do so only indicates a continuation of the wedge formation.

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.