The resistance and the support are identified as the 38.2% and the 23.6% retracements of the downtrend from $5.57-1/4 to $4.98.

This retracement analysis suggests that wheat may extend its gain into the range of $5.27-1/2 to $5.34. However, its failure to break $5.20-1/2 signals a weakness of the rise and a due correction.

On the daily chart, wheat is expected to test a resistance at $5.25-3/4, the 50% retracement of the downtrend from $6.24-1/4 to $4.27-1/4. A break could open the way towards $5.48-3/4.

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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. 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. **