The resistance is identified as the 50% retracement of the downtrend from $5.57-1/4 to $4.98. The next resistance is at $5.34-1/2, a break above which could lead to a gain to $5.43-1/4.

On the daily chart, wheat has cleared a resistance at $5.25-3/4, the 50% retracement of the downtrend from $6.24-1/4 to $4.27-1/4. It is heading towards $5.48-3/4.

A break below $5.20-1/2 could cause a fall to $5.11-3/4 (hourly chart).

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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. **