SINGAPORE: CBOT December wheat faces a resistance at $5.77-1/4 per bushel, a break above which could lead to a gain to $5.87-3/4.

The resistance is identified as the 61.8pc projection level of an upward wave (c) from $5.33-1/4.

Wheat failed twice to overcome this barrier. Chances are high that it could retreat towards a support at $5.69.

A rise to $5.79 could confirm a break above the resistance and a target of $5.87-3/4. On the daily chart, wheat is riding on a wave C from $4.97.

This wave has just broken a key resistance at $5.72, its 100pc projection level. It has a better chance of extending to $6.00-1/2.