The support is provided by the 86.4 percent projection level of a downward wave c from $4.77-1/2. This wave was expected to travel to its 100 percent projection level at $4.52.

However, following the stabilisation of the contract around $4.55-1/4, the target at $4.52 may not be fulfilled, unless wheat breaks the support at $4.55-1/4. Most likely, this wave c could have completed.

On the daily chart, the consolidation in a range of $4.56-1/2 to $4.74-3/4 could be ending. Wheat may retest the resistance at $4.74-3/4, the 23.6 percent retracement on the downtrend from $6.30-1/4 to $4.27.

A drop below the March 29 low of $4.52-1/2 could be extended to $4.41.

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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.