The support is provided by the 238.2 percent projection level of a downward wave C from $5.34-3/4. This wave consists of many smaller waves. It is far from complete.
The bounce from the March 1 low of $4.47-1/4 could have ended at the March 4 high of $4.61-1/4. It caused little damage to the wave C, which seems to have resumed towards $4.41-3/4. An extension of the bounce may be limited to $4.63-3/4.
On the daily chart, a projection analysis reveals a lower target at $4.23-3/4, the 100 percent projection level of a downward wave C from $5.44-1/4. This target could only be confirmed when wheat drops below $4.47-1/4.
* 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. **