SINGAPORE: CBOT wheat may end its fall in a range of $8.19-3/4 to $8.22 per bushel, and start a decent bounce thereafter.

The contract is riding on a wave C from $9.06-1/4, which may either end around $8.19-3/4 or extend far below this level.

Regardless of the ending point, this wave could ebb away around $8.19-3/4, surrendering to a bounce.

A retracement analysis on the uptrend from $7.43-1/4 reveals a similar support of $8.22, which will work together with the one of $8.19-3/4 to stop the fall.

Even though wheat is biased to fall a bit further, the downside could be rather limited.

CBOT wheat still targets $8.19-3/4 to $8.22 range

A break above $8.40 may lead to a gain into $8.52-3/4 to $8.63 range.

On the daily chart, wheat has more or less fulfilled its target of $8.21-3/4, which serves as a support as well.

It could be much easier for the contract to bounce towards $8.70-1/4 than to break below $8.21-3/4 and fall towards $7.80-3/4.