The support is identified as the 150% projection level on a downtrend from $5.43. Wheat failed to break resistance at $4.67-1/4 and a falling trendline. The failure indicates completion of the first bounce from the Sept. 3 low of $4.50-1/2.

It is not very clear how deep the correction triggered by the resistance will be. Most likely, it will be limited to $4.54-1/4.

A break above $4.67-1/4 could lead to a gain to $4.75-1/4.

On the daily continuous chart, a retracement analysis on the uptrend from $3.59-1/2 to $5.93 indicates a further gain towards $4.76.

This analysis suggests that the bounce of the December contract has not completed. It may resume after the shallow fall towards $4.54-1/4 (first 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. **