The resistance is identified as the 61.8pc retracement on the downtrend from $6.19 to $4.18-1/2. Even though it is not clear if the uptrend from $4.18-1/2 has reversed, at least wheat could retrace to $5.18-3/4 or to $4.95.
A rising trendline suggests the target at $5.18-3/4 as well.
On the hourly chart, another retracement analysis reveals a support at $5.25-3/4, the 38.2pc level of the uptrend from $4.87-3/4 to $5.49-1/4.
The bounce triggered by the support was very weak. It was completely reversed. The reversal signals an extension of the short downtrend towards $5.18-1/2, which is pointed by a rising trendline.
A break above $5.34-1/2 could lead to a gain into the range of $5.40-1/4 to $5.49-1/4.
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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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