CBOT wheat poised to rise into $7.33 — 3/4 to $7.37 — 1/2 range

CBOT December wheat is poised to break a resistance at $7.28 per bushel and rise into the $7.33-3/4 to $7.37-1/2 range, The contract has stabilized around a support at $7.12-3/4 twice, suggesting a double-bottom formation that will be confirmed on a break of $7.33-3/4. Immediate support is at $7.23-1/4, with a break below potentially triggering a fall into the $7.12-3/4 to $7.18-1/2 range.