These supports are identified respectively as the 123.6 percent and the 138.2 percent projection levels of a downward wave c from $5.23-3/4.
A double-top forming around $5.23-3/4 suggests this wave could at least travel to $5.03-1/2. It is a part of a bigger wave C from $5.24-1/2. The wave C has briefly travelled below its 38.2 percent projection level of $5.10-1/4. It has a better chance of extending to $5.03-1/2.
A falling wedge on the daily chart suggests that wheat may fall towards the lower trendline around $4.90. A projection analysis reveals an immediate target at $5.06-1/4, the 14.6 percent projection level of an upward wave C.
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** 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.