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Technical outlook suggests CBOT December wheat (WZ26) may test resistance at $7.38-1/4 per bushel; a break could target $7.47-1/2 to $7.53-1/4. A correction from $7.95 may have completed based on a five-wave structure.
CBOT December wheat (WZ26) is expected to test resistance at $7.38-1/4 per bushel; a break above could target $7.47-1/2 to $7.53-1/4. The prior fall from $7.62-1/2 is described as breaking into five waves, suggesting completion of a larger wave.