SINGAPORE: CBOT September wheat may retest a resistance at $6.79-1/4 per bushel, probably after a correction to $6.61-1/4.The sharp surge on Wednesday failed to maintain its momentum.

A retracement analysis on the fall from $7.08-1/2 to $6.32-1/4 reveals a key resistance at $6.79-1/4, which temporarily stopped the rise.

The contract may retreat a bit further, to complete a pullback towards a falling trendline.

A break above $6.79-1/4 could lead to a gain into the $6.90-1/2 to $7.08-1/2 range.

On the daily chart, the contract climbed above a resistance at $6.66-1/2.

It is pulling back towards this level.

Thanks to the strong rise on Wednesday, the uptrend from $5.03-3/4 remains steady.

Indeed, the uptrend may have resumed towards $7.67-1/2.

A realistic target could be $7.05-1/4.

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