The resistance is provided by the 23.6% retracement on the downtrend from $5.57-1/4 to $4.56. The bounce from $4.56 consists of three waves.

So far, only two waves have completed. The third wave labelled c is unfolding towards $4.89-3/4, its 100% projection level.

It is critical that wheat stays above $4.65-3/4, as a break below which may cause a fall towards $4.56.

On the daily chart, a bearish target at $4.57-3/4 has been temporarily aborted. It will be resumed when wheat drops below $4.65-3/4, the Wednesday low.

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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.