SINGAPORE: CBOT wheat could test a resistance at $11.64-1/4 per bushel, a break above which could lead to a gain into $11.81-1/4 to $12.08-3/4 range.
The contract failed twice to break a support at $11.20, the 100% projection level of a wave c.
It is very doubtful that this wave could eventually extend to $10.92-3/4. Instead, the whole downtrend from the May 17 high of $12.84 may have reversed.
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Support is at $11.37, a break below which could cause a fall to $11.20.
On the daily chart, the uptrend has been developing within an expanding wedge.
The trend may have resumed earlier than expected, as it was supposed to touch the lower trendline support around $11.01-1/4.
Only a break below $11.22 could confirm the an extension of the downtrend.
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