The support is provided by the 61.8 percent projection level of an upward wav C from $4.40-1/4. A bounce triggered by this support could have completed, following the drop below $4.63.
Wave theory suggests that the low at $4.40-1/4 may be approached. The depth of the fall from the March 26 high of $4.78 confirmed a reversal of the uptrend from the March 11 low of $4.27.
On the daily chart, wheat is expected to test a support at $4.56-1/2, the 14.6 percent retracement of the downtrend from $6.30-1/4 to $4.27. A break could open the way towards $4.41.
* 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.