These resistances are identified respectively as the 76.4 percent and the 86.4 percent projection levels of an upward wave C from $5.10. This wave is capable of travelling to $5.36-1/4, which is pointed by a rising channel as well.

Support is at $5.26, a break below which could cause a loss into the range of $5.20-$5.23. On the daily chart, wheat is rising towards a resistance at $5.32-1/2, the 23.6 percent retracement of the downtrend from $6.27-1/2 to $5.03-1/4. A break above this resistance could open the way towards $5.50-1/2.

* Wang Tao is a Reuters market analyst for commodities and energy technicals. 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.