CBOT wheat to retest resistance at $4.27-1/2

SINGAPORE, Aug 17 (Reuters) - CBOT September wheat may retest a resistance at $4.27-1/2 per bushel, a break above which could lead to a gain into the range of $4.30-1/4 to $4.34-1/4.

The resistance is provided by the 76.4 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the Aug. 2 low of $3.99-1/4. This wave is capable of travelling to $4.34-1/4, the 100 percent level. A more realistic target could be $4.30-1/4, the 86.4 percent level.

A further correction from the current level could be limited to $4.20, the 50 percent level.