SINGAPORE: CBOT May wheat may test a resistance zone of $6.16-3/4 to $6.21-1/2 per bushel, a break above which could lead to a gain to $6.30-1/2.

The bounce triggered by the support at $5.95-3/4 consists of three waves. So far, only two waves have completed. The wave c is expected to travel to the peak of the wave a at $6.31-1/4, the March 31 high.

Support is at $6.05-1/2, a break below which could be followed by a drop to $5.95-3/4. On the daily chart, wheat has found a strong support at $5.93-1/2. The drop from $6.93 could have completed.

The contract has deeply pierced above a resistance at $6.17. It is likely to overcome this barrier and rise towards $6.46.

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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.