Technicals-CBOT wheat may test resistance at $6.73-3/4

CBOT September wheat WU26 may test a resistance at $6.73-3/4 per bushel, a break above which could open the way toward $6.81.

Three waves made up the fall from $7.11-3/4. The peak of the wave b around $6.81 serves as a bounce target. Given that the uptrend from $5.73-3/4 has reversed, the bounce may be capped at $6.81.

A break could lead to a gain into $6.88-1/4 to $6.97-1/4 range. On the daily chart, a three black crows pattern formed between July 23 and July 27.

This bearish pattern confirmed a reversal of the uptrend from $5.74-1/2. Upon the completion of the current bounce, the market may eventually come back to $6.54-3/4.