SINGAPORE: CBOT May wheat may fall towards its Tuesday low of $11.64 a bushel, following two failures to break a resistance at $13.57-3/4.

The failures suggest the formation of a temporary top. The rise from $8.59-3/4 could have developed too fast to sustain. It is subject to a consolidation.

Resistance is at $12.84-1/4, a break above which could lead to a gain into $13.22-1/4 to $13.57-3/4 range.

On the daily chart, a hanging-man pattern formed on Tuesday, confirming the completion of the uptrend from $8.59-3/4.

Wheat is consolidating within the lower shadow of the candlestick pattern.

It may drop towards $11.86-1/4. A retracement analysis on the uptrend from $8.59-3/4 suggests a similar target of $11.71.

The uptrend from $7.46-1/2 may resume upon the completion of the fall around $11.86-1/4.

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