SINGAPORE: CBOT September wheat is biased to retest a resistance at $4.80-1/4 per bushel, a break above which could lead to a gain into a range of $4.86 to $4.94-3/4.
The resistance is identified as the 86.4% projection level of a downtrend from $5.31-1/2. This trend has been developing within a falling channel.
Wheat seems to have found a support around the lower channel line. It may bounce towards the upper channel line around $4.94-3/4.
The longer trend from the June 27 high of $5.57-1/4 could be broken down into five waves. Such a structure also signals a completion of the trend.
Support is at $4.72-1/4, a break below which could cause a fall to $4.63-1/2.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
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