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SINGAPORE: CBOT May wheat may retest a support at $6.67 per bushel, a break below which could open the way towards $6.60-1/2.
The bounce triggered by the support at $6.67 was very weak and seems to have ended around a resistance at $6.83-1/4.
The weakness suggests an incomplete wave c, which may extend below $6.67. A falling trendline remains intact, which also indicates a steady downtrend from $7.24.
A break above $6.77 may lead to a gain to $6.83-1/4.
On the daily chart, the effort to stabilize around a support of $6.75-1/2 does not look very successful, as the market has remained quite flat.
There is a slim chance of the contract bouncing towards $7.31-1/2.
Over the next few days, it may fall towards $6.06-3/4.