CBOT wheat may retest resistance at $5.25-1/2

• Wheat found a support at $5.20-3/4, the 23.6% projection level of an upward wave C from $5.01-3/4.
• The resistance is identified as the 14.6% projection level of an upward wave C from $5.19-1/4.

The resistance is identified as the 14.6% projection level of an upward wave C from $5.19-1/4. This wave is expected to travel into a range of $5.36 to $5.46-1/2.

Working together with the resistance is another one established by a falling trendline, which explains why wheat failed to break $5.25-1/2 on Tuesday.

Support is at $5.19-1/4. As long as wheat stays above this level, it may climb towards the target zone of $5.36 to $5.46-1/2.

On the daily chart, wheat found a support at $5.20-3/4, the 23.6% projection level of an upward wave C from $5.01-3/4. It may test the resistance at $5.32-3/4.