• Wheat reversed from support zone
• Likely to rise to resistance level 730,00
Wheat recently reversed up from the support area located between the key support level 690,00 (which stopped the previous intermediate ABC correction (4) at the start of September, as can be seen from the daily Wheat chart below), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp downward impulse from the start of July. The upward reversal from this support area started the active short-term impulse wave 3 of the intermediate impulse wave (5) from the start of September.
Given the clear multi-month uptrend and the expectation of increased demand for Wheat in the coming months, Wheat can be expected to rise further toward the next resistance level 730,00 (top of the previous waves (a) and B).