• Wheat reversed from long-term support level 765.00
• Likely to rise to resistance level 813.13

Wheat continues to rise after the price reversed up today from the long-term support level 765.00 (former multi-month resistance level which has been reversing the pair from the end of April, as can be seen below) – strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the upward impulse from September. The upward reversal from the support level 765.00 continues the weekly uptrend.

Given the latest improvement of the risk sentiment seen across the commodities markets, Wheat can be expected to rise further toward the next resistance level 813.13 (former top of wave (b)).