CBOT wheat neutral in $6.22-1/2 to $6.31-1/4 range

SINGAPORE, Oct 23 (Reuters) - CBOT December wheat looks neutral in a range of $6.22-1/2 to $6.31-1/4 per bushel, and an escape could suggest a direction.

The range is formed by the 300% and the 261.8% projection levels of a downtrend from $6.91-1/2. A break above $6.31-1/4 may lead to a gain into $6.34 to $6.36-3/4 range.

A break below $6.22-1/2 could confirm the continuation of the downtrend toward $6.08-1/4 to $6.13-3/4 range. Simply based on the projection analysis, the bias might be toward the downside.

On the daily chart, a rising trendline points a target at $6.13-1/4, which is likely to be fulfilled as the contract has fallen far below $6.47-3/4.

A further slide toward $5.89-1/2 will be highly likely, once the contract breaks $6.13-1/4, as a wave B ends around $5.89.

* 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 analyses.