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

For more technical analysis, click TECH/C SINGAPORE, Oct 16 (Reuters) — CBOT December wheat may extend loss into a range of $6.54-1/4 to $6.59-3/4 per bushel, as suggested by a projection analysis. The market bounced several times around a support at $6.63-1/4, the 123.6% projection level of a downtrend from $6.91-1/2. Despite the bounces, the contract is making its third attempt to test the support. The bounces have been shaped into a wedge, which has been more or less confirmed as a bearish continuation pattern, suggesting a target of $6.54-1/4. Immediate resistance is at $6.68-1/2, a break above which may lead to a gain into a $6.71-3/4 to $6.74 range. On the daily chart, the market has more or less broken a support at $6.68-1/2. The break opened the way 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