The support is provided by the 61.8 percent retracement of the uptrend from $5.01-1/4 to $5.31-1/4. Working together with this support is another one established by a rising trendline.
The deep fall on Thursday confirmed a reversal of the uptrend. Chances are, the Jan. 2 low of $5.01-1/4 may be revisited over the next few days. However, it is not very clear how long wheat would stay above the support at $5.12-1/2.
A break below $5.12-1/2 could confirm the extension of the downtrend towards $5.08-1/4.
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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.
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