SINGAPORE: CBOT March wheat may retest a support at $6.25-3/4 per bushel, with a good chance of breaking below this level and falling towards $6.15-1/4.

The support is provided by the 76.4% projection level of a downward wave c from $6.60-1/2. This wave is expected to travel to $6.15-1/4, its 100% projection level.

Resistance is at $6.37-3/4, a break above which could lead to a gain into $6.43 to $6.49-3/4 range. On the daily chart, the consolidation within a wedge is ending.

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