SINGAPORE: CBOT wheat may retest a resistance at $9.06-1/4 per bushel, a break above which could lead to a gain in $9.16-1/2 to $9.29-1/4 range.

The contract is riding on a presumed wave v, which is capable of travelling above $9.49-3/4.

A retracement analysis on the fall from this level reveals a resistance at $9.06-1/4, which temporarily stopped this wave.

Key support is at $8.83-1/4, a break below which will also violate a rising trendline. The low of $8.63 may be revisited thereafter.

On the daily chart, the bounce on Thursday was caused by a support at $8.70-1/4.

Rabi wheat production target set at 28.4 million tons

The spinning top forming on this day represents a hesitation of the market.

Either a strong rise towards $9.49 or a deep fall towards $8.21-3/4 would occur.

The bias could be towards the upside, as suggested by the readings on the hourly chart.