• Wheat reversed from support area
• Likely to rise to resistance level 680.00
Wheat recently reversed up with the daily Hammer from the support area lying between the key support level 648.00 (which stopped the previous sharp downward correction (4) at the end of May), lower daily Bollinger Band and the 50% Fibonacci correction of the weekly upward impulse from the August of 202. The upward reversal from this support area started the active short-term impulse wave 3.
Given the clear daily uptrend – Wheat can be expected rise further toward the next resistance level 680.00 – which if broken would open the way for further gains toward the next round resistance level 700.00 .