SINGAPORE: CBOT wheat may break a support at $10.34-3/4 per bushel, and fall into a range of $9.92-1/2 to $10.21.
A bearish wedge has been confirmed, suggesting a target of $9.92-1/2.
A realistic target could be either $10.21 or $10.04. It is not very clear if a bounce would be triggered by the support at $10.34-3/4.
Such a bounce will be classified as a pullback towards the wedge.
The pullback may end around $10.48-1/4.
A break above $10.48-1/4 could lead to a gain into $10.65-1/4 to $10.75-3/4 range.
The bearish target at $9.92-1/2 will be revised then. On the daily chart, wheat fell below a neutral range of $10.46-1/4 to $10.91-3/4.
The fall confirms the continuation of a wave C towards $9.73.
The support at $10.15-1/4 may not trigger a bounce as bears could have accumulated enough momentum from the consolidation within the range of $10.46-1/4 to $11.91-3/4.