TECHNICALS-CBOT wheat may test resistance at $6.38-3/4

SINGAPORE, May 4 (Reuters) - CBOT July wheat WN26 may test a resistance at $6.38-3/4 per bushel, a break above which could lead to a gain into $6.44-1/2 to $6.49 range.

Around a support at $6.35-3/4, a small falling wedge formed, which looks like a bottom pattern, rather than a continuation pattern.

A break above $6.38-3/4 will confirm this pattern and a target of $6.44-1/2. A fall below $6.31-1/2 would signal the continuation of the downtrend towards $6.13-1/2 to $6.24-3/4 range.

On the daily chart, the contract has broken a support at $6.39-3/4. The break was followed by a doji on May 1. Either the break was false, or a consolidation around this level would occur.

A bearish target of $6.25-1/4 will be established if the market closes below $6.39-3/4 on Monday.

Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.

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