SINGAPORE, June 4 (Reuters) - CBOT July wheat WN26 may retest support at $5.81 per bushel, a break below which could trigger a fall into the $5.70-3/4 to $5.74-3/4 range.

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 current bounce is expected to end around $5.90. However, a break above this level could lead to a gain into the range of $5.97-1/4 to $6.04-1/2.

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.

Given that all the higher retracements are not very accurate, the break might turn out to be false, if the market closes above $5.88.

** 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. ​