The resistance is identified as the 50% projection level of a downward wave c from $5.31-1/2. The 76.4% level of $4.86 triggered a decent bounce which suggests the completion of this wave.

So long as wheat hovers above $4.94-3/4, it is likely to retest $5.08-3/4. A break below $4.94-3/4 may confirm the continuation the wave c towards $4.72-1/4.

The biggest problem with the current market is the shortage of a momentum, be it bullish or bearish.

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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. **