CBOT wheat may rise to $5.47-3/4

• The resistance is identified as the 100pc projection level of a downtrend from $5.76-1/2.
• Wheat may fall towards $5.36-1/4, the 61.8pc retracement of the uptrend from $5.01-3/4 to $5.92-1/2.

The resistance is identified as the 100pc projection level of a downtrend from $5.76-1/2.

The next resistance will be at $5.47-3/4, around which the downtrend may resume.

The trend is riding on a wave C from $5.65-1/2, which is capable of travelling into the range of $5.19-1/2 to $5.37, formed by its 100pc and 61.8pc projection levels.

A break above $5.47-3/4 may lead to a gain into the range of $5.51-1/4 to $5.56.

On the daily chart, the black candlestick on Thursday suggests a completion of a pullback towards the rising trendline.

Wheat may fall towards $5.36-1/4, the 61.8pc retracement of the uptrend from $5.01-3/4 to $5.92-1/2.