CBOT wheat may retest resistance at $6.89-1/2

A break below $6.77, however, could trigger a drop into the $6.64-1/4 to $6.69 range. On the daily chart, the wave pattern suggests the development of a very powerful wave 3, the fiercest among all the waves of the uptrend from $5.74.

As long as the market hovers above $6.73-3/4, this bullish wave count will remain valid. The bullish outlook will have to be modified once the contract breaks this level.

SINGAPORE, July 20 (Reuters) - CBOT September wheat WU26 may retest a resistance at $6.89-1/2 per bushel, a break above which could lead to a gain into the $6.97-1/2 to $7.02-3/4 range.

The uptrend is presumed to be developing within a rising channel, which provides support around $6.77. The contract is expected to stabilize around this support and resume its rise.