The support is identified as the 38.1pc retracement on the uptrend from $4.18-1/2 to $5.29.
It caused a bounce which has ended around a resistance at $5.12-3/4.
Wheat has cleared a higher support at $5.02-3/4.
It is heading towards $4.86-3/4.
Wave pattern shows that it is riding on a wave c, the third wave of a three-wave cycle from $5.29.
A projection analysis suggests that this wave could travel to $4.72-3/4, its 100pc level.
A bounce from the current level may be limited to $5.02-3/4.
On the daily chart, wheat is retesting a support at $4.95, the 38.2pc retracement on the fall from $6.19 to $4.18-1/2.
A break could open the way towards $4.65-3/4.
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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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