SINGAPORE: CBOT March wheat may bounce moderately to $7.73-1/4 a bushel, before turning around and retesting a support at $7.66-3/4.

The sharp fall from the Thursday high of $8.01-3/4 has a close mathematical relation with the preceding fall from the Nov. 24, 2021 high of $8.74-3/4, as revealed by a projection analysis.

The current drop could be a continuation of the downtrend from $8.74-3/4.

The confirmation will be when wheat breaks $7.66-3/4.

A rising trendline establishes a similar support to $7.66-3/4.

CBOT wheat may test resistance at $7.85-3/4

Chances are wheat may bounce moderately before falling again.

A break above $7.73-1/4 may lead to a limited gain to $7.78-3/4.

On the daily chart, wheat has broken a support at $7.72-1/2, and it is expected to fall into $7.41 to $7.50-3/4 range.

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