SINGAPORE: CBOT May wheat may retest a resistance at $6.61-3/4 per bushel, a break above which could lead to a gain into $6.67 to $6.72 range.

The bounce from $6.45-1/2 may consist of three waves. So far only two waves have unfolded. The wave c is expected to at least travel to $6.67, where the wave a ended.

A break below $6.51-3/4 could cause a fall to $6.45-1/2. On the daily chart, the correction from the Jan. 15 high of $6.93 is taking the shape of a wedge.

This pattern may consist of three or five waves. Both of the structures suggest a rise towards $6.84-1/4.

A break below $6.45-1/2 may confirm the wedge as a bearish pattern.

A target of $6.16-1/2 will be established then.

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