SINGAPORE, July 22 (Reuters) - Signals are mixed for CBOT September wheat WU26, as it failed to break a resistance at $6.83-1/4 per bushel.

The failure might be followed by a fall toward the lower trendline of a wedge around $6.69, as a further consolidation in the pattern, or a sudden surge above $6.83-1/4.

Strategically, a break above $6.83-1/4 or below $6.69 is needed to evaluate the subsequent trending signals. On the daily chart, the uptrend remains intact. The correction triggered by the resistance at $6.97-1/4 seems to have been driven by a wave 4, which will be reversed by an upward wave 5.

Considering that wave 2 is very brief and shallow, the current wave 4 may have ended.

* 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. ​