The support is identified as the 123.6% projection level of a downtrend from $5.31-1/2. There is little clue to the ending point of this trend. A wild speculation is the trend may extend into the range of $4.35-1/2 to $4.49-1/2.

A projection analysis on the downtrend from $4.80 suggests a target around $4.40-1/4, the 100% projection level. Resistance is at $4.63-1/2, a break above which could lead to a gain to $4.68.

A retracement analysis on the daily chart indicates a temporary stabilization around $4.57-3/4, the 76.4% level. Given that this set of retracements have been working as poor supports, wheat may briefly pierce below this level before starting a bounce.

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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. **