SINGAPORE: CBOT May wheat may test a resistance at $6.88-1/2 per bushel, a break above which could lead to a gain into $6.93-1/2 to $6.99-3/4 range.

A wave c from $7.10 has ended around its 100% projection level, as confirmed by the strong bounce from the Monday low of $6.68-1/2.

A falling trendline was broken as well.

The break further indicates a reversal of the downtrend. Immediate support is at $6.80-1/2, a break below which could open the way towards $6.72-3/4 to $6.77 range.

On the daily chart, wheat managed to stabilize around a support of $6.75-1/2.

The longer the contract hovers above $6.75-1/2, the more likely it rises towards $7.31-1/4.

CBOT wheat may retest resistance at $6.88-1/2

The pattern from March 10 looks like an inverted head-and-shoulders.

The right shoulder is near completion. It is a typical bottom pattern, suggesting a target of $7.86-3/4 once confirmed.