• Wheat reversed from support area
• Likely to rise to resistance level 680,00
Wheat recently reversed up from the support area lying between the round support level 600,00 (former multi-month low from the end of March) and the lower daily Bollinger band. The upward reversal from this support area stopped the previous short-term impulse wave (iii) and started the active minor correction (iv) if the C-wave of the intermediate ABC correction (4) from the end of April.
Wheat can be expected to rise further toward the next resistance level 680,00 (target price for the completion of the active minor correction iv) intersecting with the upper daily Bollinger Band).