CBOT wheat may retest resistance at $6.83-1/4

SINGAPORE, July 27 (Reuters) - CBOT September wheat WU26 may retest resistance at $6.83-1/4 per bushel, a break above which may lead to a gain into $6.89-1/2 to $6.97-1/2 range.

The sharp fall on July 24 is presumed to be driven by a wave (4), the fourth wave of a five-wave cycle from $5.74. This wave seems to have ended around a support at $6.64-1/4, close to the bottom of a lower degree wave 4.

A further drop from the current level may be limited to $6.56-1/4 to $6.64-1/4 range. On the daily chart, the uptrend remains intact.

Five waves make up the trend. The wave (4) may have ended at the July 24 low of $6.59-1/2. The upward wave (5) is unfolding toward $7.13-1/2.