CBOT wheat may edge up to $5.56

• These resistances are identified as the 76.4pc and the 61.8pc projection levels of a downtrend from $5.76-1/2.
• Wheat climbed above a resistance at $5.47, the 50pc retracement of the uptrend from $5.01-3/4 to $5.92-1/2. It may extend its gain towards $5.57-3/4.

SINGAPORE: CBOT March wheat may break a resistance at $5.51-1/4 per bushel and edge up to the next resistance at $5.56.

These resistances are identified as the 76.4pc and the 61.8pc projection levels of a downtrend from $5.76-1/2.

The current bounce seems to be extending towards a falling trendline.

Another projection analysis on a downward wave C from $5.65-1/2 reveals a break above the 38.2pc level of $5.47-3/4. The break opened the way towards $5.54-1/2.

Support is at $5.47-3/4, a break below which could cause a fall to $5.43-1/2.

On the daily chart, wheat climbed above a resistance at $5.47, the 50pc retracement of the uptrend from $5.01-3/4 to $5.92-1/2. It may extend its gain towards $5.57-3/4.