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2025-09-12 16:06:32
[Analyst: CBOT Wheat May Fall Back to $5.15-1/4 to $5.17-1/2] ⑴ CBOT December wheat futures may fall back to the $5.15-1/4 to $5.17-1/2 per bushel range. ⑵ The contract previously failed to break through the $5.21 resistance level. ⑶ The failure to break through resistance indicates that the rebound from $5.11-3/4 has been completed. ⑷ The contract may retest the low of $5.11-3/4 or fall back to the $5.15-1/4 to $5.17-1/2 support range. ⑸ If it breaks through $5.21, it may rise further to the $5.23-3/4 to $5.26-1/2 range. ⑹ A breakout above $5.22-1/4 would confirm the breakout. ⑺ The daily chart shows a bullish engulfing pattern formed on September 10-11, suggesting further gains on the 12th. ⑻ According to this technical analysis, the decline on the hourly chart may be the second stage of the rebound, after which the upward trend will resume.
