SINGAPORE: CBOT March wheat may retest a support at $6.05 per bushel, a break below which could cause a fall into $5.99-1/4 to $6.02-1/4 range.

The correction from the Dec. 18 high of $6.14-3/4 looks incomplete.

It consists of three waves. So far, only two waves have unfolded.

The third wave labelled c is expected to travel into a range of $5.99-1/4 to $6.02-1/4. A break above $6.11 could lead to a gain into $6.14-3/4 to $6.18 range.

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