SINGAPORE: CBOT March wheat may test a resistance at $6.76-3/4 per bushel, a break above which could lead to a gain to $6.93.

Undoubtedly, the downtrend from $6.93 has reversed, as wheat has cleared a key resistance at $6.66-1/2. The break above this level significantly increases the chance of a total reversal of the trend.

A break below $6.66-1/2, now a support, may cause a fall to $6.58-1/2. On the daily chart, the correction from $6.93 ended around $6.29, the 61.8% retracement.

The depth of the correction suggests an intact uptrend from $5.89-3/4, which may eventually extend to $7.60.

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