These supports are identified as the 50pc and 38.2pc projection levels of an upward wave C from $4.66-1/4.
This wave was disrupted by a correction triggered by the resistance at $5.22-3/4.
The correction seems to have adopted a flat pattern, which consists of three waves.
The gain on Thursday may have been driven by the second wave labelled b, which would be reversed by a downward wave c.
A break above $5.12, however, would make this wave count questionable, as a bullish target range of $5.22-3/4 to $5.40-1/2 will be established then.
On the daily chart, wheat faces a resistance at $5.18-3/4, the 50pc retracement on the fall from $6.19 to $4.18-1/2. This barrier may trigger the second correction towards $4.95.
A break above the resistance will open the way towards $5.42-1/4.
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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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