These resistances are identified respectively as the 50 percent and the 61.8 percent retracements of the downtrend from $5.29 to $5.10-3/4.
The rise from the Jan. 29 low of $5.10-3/4 is temporarily categorized as a bounce towards the downtrend, unless it could extend above $5.22. The bounce is driven by a wave e, which is likely to peak around $5.22.
A break below $5.17-1/2 could cause a loss into the range of $5.13-1/4 to $5.15. On the daily chart, signals are in bulls' favour as wheat has broken a falling trendline. The fall from the Jan. 24 high of $5.29 could be a pullback towards this line.
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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.