SINGAPORE: CBOT wheat may test a support at $6.62 per bushel, a break below which could open the way towards the range of $6.44-3/4 to $6.51-1/4.
The downtrend is controlled by a set of projection levels of the fall from $7.51-1/2. This analysis suggests a target zone of $6.34-1/4 to $6.44-3/4.
Resistance range is from $6.68 to $6.72-1/2, a break above which could lead to a gain to $6.79 or $6.89-1/2.
On the daily chart, a projection analysis reveals a target of $6.58-3/4, which is suggested by a double-top forming around $7.66 as well. The doji on May 21 indicates a slowdown of the drop. However, it is not very clear if a decent bounce could occur around the support at $6.58-3/4. The clear part is wheat may pause around this level.
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