Wheat has staged a recovery with first resistance at 494/495 today. However, the outlook is more positive in the short term now, so be ready to buy a break above to target 497/498, perhaps as far as strong resistance at 501/502. A good chance of a high for the day, but further gains target 506/507.
Failure to beat first resistance at 494/495 targets 490, but below here a retest of support at 484/483 is possible. Just be aware that a break below here, despite oversold conditions, keeps the pressure on for 481/480 then minor support at 478/477. This could hold the downside bearing the situation in mind. However, longs look risky....a break below 476 targets 472/471.