CBOT September wheat (WU26) may retest a support at $5.85-1/2 per bushel, a break below which could trigger a fall into $5.73 to $5.80-3/4 range.
A Fibonacci extension analysis reveals support at $5.85-1/2, the 123.6% level, which works as a temporary support. This analysis suggests a target zone formed by the 161.8% and the 138.2% levels.
A break above $5.93-1/4 could lead to a gain into $5.97-3/4 to $6.01-1/4 range.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - ondon Stock Exchange product.
** No information in this analysis should be considered as being business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.