SINGAPORE, June 5 (Reuters) - CBOT July wheat WN26 may slide toward $5.66-1/4 per bushel, as suggested by a projection analysis on the downtrend from $6.28.

The downtrend observes a series of projection levels of the downtrend from $6.28. The projection analysis indicates a target of $5.66-1/4, the 100% level, which is pointed by a falling channel as well.

The low on April 10 at $5.77-3/4 provides a support, working together with the one at $5.81 to temporarily stop the fall. It is not very clear whether the market would react strongly to these support levels, by starting a bounce.

The downtrend will be considered steady as long as the bounce is limited to $5.90. A break will not only lead to a gain into the $5.97-1/4 to $6.04-1/2 range, but also signal the reversal of the downtrend from $6.28.

On the daily chart, the market has broken a key support at $5.88, the 61.8% retracement of the uptrend from $5.26 to $6.88-3/4.

The break could be followed by a drop to $5.64-1/4.

** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.

** 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 analyses. ​