• Wheat reversed from the support area
• Likely to rise to resistance level 680.00
Wheat recently reversed up from the support area lying between the key support level 640.00 (previous monthly low from May, low of wave (a)), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from the start of 2020. The upward reversal from this support area stopped the previous medium-term ABC correction 2 from the end of April.
Given improvement in risk sentiment as seen across the commodities markets today – Wheat can be expected to rise further toward the next resistance level 680.00. Strong support remains at the support level 640.00.