The support is provided by the 23.6pc retracement of the downtrend from $6.19 to $4.18-1/2. Wheat failed to break the resistance at $4.95.
The failure confirmed the completion of the bounce from $4.18-1/2.
In the meantime, wheat failed to break a falling trendline as well. The intact trendline suggests a steady downtrend from $6.19.
On the hourly chart, wheat completed a corrective wave cycle, as confirmed by a projection analysis.
It is expected to retrace towards the bottom of the wave b around $4.46-1/4.
A break above $4.81 may lead to a gain into the range of $4.85-1/2 to $4.91-3/4.
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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.
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