SINGAPORE: CBOT May wheat may retest a resistance at $11.57-1/4 a bushel, a break above which could lead to a gain to $12.04-1/4.

The correction from the March 8 high of $13.63-1/2 has completed, as confirmed by a small inverted head-and-shoulders pattern.

Most of the correction had developed in a falling wedge, which is regarded as a bullish pattern, suggesting a possible resumption of the uptrend from $7.46-1/2.

Support is at $10.81, a break below which could cause a fall to $10.33-3/4.

On the daily chart, two long-shadowed hammers that formed on March 11 around a key support at $10.52 strongly suggest a further gain.

The fall from $13.63-1/2 was driven by a wave 4, which is expected to be reversed by the current wave 5 in due course.

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