- Wheat broke key resistance level 640.00
- Likely to rise to 670.00
Wheat recently broke above the key resistance level 640.00 (which stopped the previous sharp uptrend in October, as can be seen from the daily Wheat chart below). The breakout of this resistance level accelerated the active minor impulse wave 5 – which belongs to the longer-term, extended upward impulse sequence (3) from the middle of this year.
Given the prevailing daily uptrend and the rise in the risk sentiment across the commodities markets on the expectation of the stronger projected commodities demand in China, Wheat is likely to rise further toward the next resistance level 670.00 (target price for the completion of the active impulse sequence (3)).