The support was provided by 38.2% retracement of the uptrend from $4.27-1/4 to $5.57-1/4. The next support will be at $4.92-1/4, around which, a decent bounce may occur.
A break above $5.07-1/2, now a resistance, may lead to a gain to the June 19 low of $5.19.
On the daily chart, a retracement analysis on the downtrend from $6.24-1/4 to $4.27-1/4 reveals a support at $5.02-1/2, the 38.2% level.
Given that this set of retracements have not been working well in marking resistances and supports, wheat may briefly pierce below $5.02-1/2 and fall to the June 6 low of $4.94.
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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. 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. **