TECHNICALS — CBOT wheat neutral in $6.65 — 1/4 to $6.74 range

For more technical analysis, click TECH/C SINGAPORE, Oct 13 (Reuters) — CBOT December wheat looks neutral in a range of $6.65-1/4 to $6.74 per bushel, and an escape could suggest a direction. The range is formed by the 114.6% and the 76.4% projection levels of a downward wave c from $6.91-1/2. This wave is capable of travelling into a range of $6.54-1/4 to $6.59-3/4. The bias might be toward the downside. However, the bearish momentum appears weak, as the market has stabilized around $6.65-1/4 and is bouncing toward $6.71-3/4. A break above $6.74 would suggest a reversal of the downtrend. On the daily chart, the market is consolidating around a key support at $6.68-1/2. The consolidation may turn into a strong rise or deep fall. Further confirmation is needed to evaluate the next move. Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on Workspace -- a platform provided by London Stock Exchange. * 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