SINGAPORE: CBOT July wheat may test a support at $4.65-3/4 per bushel, a break below which could cause a loss to $4.47-3/4.
The support is provided by the 23.6pc retracement of the downtrend from $6.19 to $4.18-1/2.
After failing to break the resistance at $4.95, wheat has to seek support at $4.65-3/4 or $4.47-3/4.
The contract also failed to break a falling trendline.
The failure suggests the downtrend from $6.19 remains steady.
On the hourly chart, a corrective wave cycle from $4.18-1/2 has completed.
The second wave labeled b ended at $4.46-1/4, which may be approached. A break above $4.74-1/4 may lead to a gain limited to $4.81.
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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.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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