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The support was provided by the 38.2 percent retracement on the uptrend from $4.41-1/2 to $4.94. The next support will be at $4.67-3/4.
A bounce from the April 16 low of $4.61-1/2 may have completed, following the repeated failures of wheat to break above a falling trendline.
A break above $4.78 could signal the extension of the bounce towards a range of $4.81-1/2 to $4.86-1/4.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.