CBOT wheat may test resistance at $5.22-1/2

• Wheat failed twice to break $5.19-1/4. It may succeed in its current attempt.
• The resistance is identified as the 14.6pc retracement on the uptrend from $4.50-1/2 to $5.35.

The resistance is identified as the 14.6pc retracement on the uptrend from $4.50-1/2 to $5.35.

The strong bounce from the Nov. 18 low of $4.98-1/2 signals a completion of the fall from $5.35. The uptrend from $4.50-1/2 may have resumed.

Support is at $5.15, a break below which may cause a fall to $5.02-1/2.

A closer look at the hourly chart reveals a lower resistance at $5.19-1/4, the 100pc projection level of a wave c from $4.98-1/2.

This is the third wave of a presumed irregular flat from $5.01.

Wheat failed twice to break $5.19-1/4. It may succeed in its current attempt.