SINGAPORE: CBOT March wheat may break a support at $7.75-1/2 per bushel, and fall to $7.68-3/4, as suggested by its wave pattern and a projection analysis.

The drop from the Dec. 27 high of $8.24 consists of five waves. Such a wave mode indicates an extension of the downtrend below the Dec. 29 low of $7.74.

The bounce from this low may have completed, as it was almost reversed.

A break above $7.86-3/4 may lead to a gain into $7.90-3/4 to $7.97-3/4 range.

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.