These supports are identified respectively as the 38.2 percent and the 23.6 percent projection levels of an upward wave C from $5.08.
The contract failed twice to break a resistance at $5.22-1/4. The failures indicate a completion of the wave C which has a minimum target at $5.22-1/4 and a maximum target at $5.31-1/4.
A break above $5.22-1/4 could confirm the extension of the wave C towards $5.25-3/4. On the daily chart, wheat faces a strong resistance is at $5.23, the 61.8 percent projection level of an upward wave C from $5.01-1/4. Only a break above this barrier could confirm an extension of this wave towards the range of $5.28 to $5.36-1/2.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** 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.