The support is provided by the 23.6pc retracement on the downtrend from $5.28 to $4.93-3/4.
The stabilization
The support is provided by the 23.6pc retracement on the downtrend from $5.28 to $4.93-3/4.
The stabilization around this support signals a completion of the pullback towards a falling trendline.
A break below $5.01-3/4 could cause a fall into the range of $4.96 to $4.98-3/4.
On the daily chart, the support at $5.04 still holds, which is established at the 123.6pc projection level of a downtrend from $5.61-1/2.
As long as wheat remains above this support, it may rise towards $5.15.