The support is provided by the 50% projection level of the wave c, which is capable of travelling into the range of $4.72-1/4 to $4.94-3/4. The moderate bounce triggered by the support has ended, and wheat fell below the rising trendline again.

Resistance is at $5.08-3/4, a break above which may lead to a gain towards $5.17-1/2.

On the daily chart, a head-and-shoulders is ending,  which indicates a target around $4.40.

A fall below $4.98 could confirm the pattern.

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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. **