The contract has completed a correction from the March 26 high of $4.78. The correction takes the shape of a flat, which consists of three waves that are roughly equal in length.
The uptrend from the March 11 low of $4.27 could have resumed. Eventually, the trend would extend above $4.77-1/2.
On the daily chart, wheat found a support at $4.56-1/2, the 14.6 percent retracement on the downtrend from $6.30-1/4 to $4.27. It is poised to retest a resistance at $4.74-3/4.
A break below $4.56-1/2 could cause a loss 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. **