The support is provided by the 61.8 percent retracement on the uptrend from $5.01-1/4 to $5.29. Wheat failed twice to overcome this barrier. A solid bottom could have formed around $5.11-3/4.
It is too early to conclude that the uptrend from $5.01-1/4 has resumed. However, a further gain to $5.22-1/4 is likely, which is close to the peak of a wave b.
Immediate support is at $5.15, a break below which could signal the continuation of the downtrend towards $5.07-3/4, and the lower support at $5.11-3/4 may not hold any more.
* 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.