SINGAPORE: CBOT March wheat may retest a support at $8.07 per bushel, a break below could cause a fall to $7.98-1/2.

The contract failed to break a strong resistance at $8.28-1/2. The correction triggered by this barrier could be deep enough to extend to $7.98-1/2, as pointed by a rising trendline.

The support at $8.07 caused a bounce which may end below $8.20-1/4. Only a rise above this level could signal the continuation of the uptrend.

On the daily chart, the uptrend remains firm, as the pattern from $6.87-3/4 looks like a big flag, which suggests a target of $9.20.

Russian wheat prices down with weaker rouble

The anticipated fall is regarded as the second pullback towards the flag.

Upon the completion of the pullback, the uptrend may resume towards the resistance zone of $8.35-1/2 to $8.38-1/2.

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.