The resistance is identified as the 50% retracement on the downtrend from $4.82-1/2 to $4.18-1/2. The next resistance will be at $4.58, a break above which could lead to a gain to $4.67-1/4.
Wheat is presumably riding on a wave c, the third wave of a three-wave cycle from $4.18-1/2. A projection analysis suggests a target of this wave at $4.61-1/2, its 100% level, which is slightly above $4.58.
On the daily chart, it is hard to tell the current bounce is against which trend. Only when wheat runs across an apparent resistance, could this trend be identified.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of 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. **