CBOT wheat may stabilize around 4.65-1/2 before

CBOT March wheat may stabilise around a support at 4.65-1/2 per bushel, and then retest a resistance at $4.69.The support and the resistance are identified respectively as the 38.2 percent and the 50 percentFibonacci retracements on a drop from the Feb. 2 high of $4.83 to the Feb. 9 low of $4.55.Wheat has climbed above a falling channel and the drop from the Feb. 17 high of $4.70 could be regarded as a pullback towards the channel line.A duplicated channel suggests an aggressive target at $4.83, which seems to be too far away to be realistic.A more proper target could be $4.72-1/4, the 61.8 percent retracement, which will be confirmed when wheat breaks $4.69. A break below $4.65-1/2 could cause a loss to $4.61-1/2, the 23.6 percent level.News SourceNews Collated byPAKISSAN.com