SINGAPORE: CBOT March wheat may retest a support at $7.57-3/4 per bushel, as an upward wave c from $7.38-3/4 may have completed.

The completion was confirmed by a failure of this wave to extend to $7.84-1/2 and the deep drop on Thursday. The preceding wave b ended at $7.38-3/4, which serves as a target.

The bounce triggered by the support seems to be completing around $7.67-3/4. The contract is poised to fall towards $7.57-3/4.

CBOT wheat may rise more to $7.84-1/4

A break above $7.64-3/4 may lead to a gain into the $7.71-1/4-to-$7.74-1/4 range.

On the daily chart, wheat is near the upper channel line, which establishes a resistance around $7.72. The contract is more likely to fall towards $7.26-1/2 than to rise to $8.00-3/4.