TECHNICALS — CBOT wheat may retest support at $6.63 — 1/4

For more technical analysis, click TECH/C SINGAPORE, Oct 15 (Reuters) — CBOT December wheat may retest a support at $6.63-1/4 per bushel, a break below which could trigger a fall into the $6.57 to $6.59-3/4 range. The support caused two bounces. The second one looks much weaker, which has ended around a resistance at $6.74. The weak bounce, along with the subsequent fall, suggests a continuation of the downtrend from $6.91-1/2. A break above $6.71-3/4 may lead to a gain into the $6.74 to $6.77-1/4 range. On the daily chart, the market remains flat around a support at $6.68-1/2. The sideways move is considered a very weak bounce, which suggests a steady downtrend from $7.94-1/2. The contract is expected to drop toward $6.38-1/2. 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, or legal advice regarding the products mentioned in the a