SINGAPORE: CBOT wheat may test a resistance at $6.73-3/4, as it failed again to break a support at $6.40 per bushel.

The failure suggests the formation of a small double-bottom, which will be confirmed when wheat breaks $6.73-3/4. The pattern will then point at a target of $7.04.

A break below $6.40 could open the way towards the range of $6.06 to $6.24-3/4 range.

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