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The completion is indicated by the failure of the contract to break above a falling trendline. A retracement analysis on the uptrend from $4.41-1/2 to $4.94 also reveals that the bounce was unable to extend to $4.81-1/2, the 23.6 percent level.
At least, wheat may retrace to $4.73-3/4 to seek support. It will face resistance at $4.81-1/2 if it breaks the trendline.
A break above $4.81-1/2 will confirm the extension of the uptrend from $4.41-1/2 towards $4.94.
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