The resistance is identified as the 76.4 percent projection level of an upward wave (C) from $5.01-1/4.
The fall from the Jan. 24 high of $5.29 is classified as a pullback towards a falling trendline. The doji forming on Jan. 25 signals the pullback is over.
A break below $5.18-3/4 could cause a loss into the range of $5.09-1/2 to $5.14-1/2.
The current rise closely observes another set of projection levels on the hourly chart as well.
These levels are revealed by a projection analysis on the target of an upward wave C from $5.08. Given that wheat has climbed above $5.22-1/4, the 61.8 percent level, it is likely to extend its gains into the range of $5.25-3/4 to $5.28.
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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.