• Wheat broke resistance level 680.00
• Likely to rise to 700.00
Wheat continues to rise after breaking above the pivotal resistance level 680.00 (which stopped the previous impulse wave (iii) earlier this month). The breakout of the resistance level 680.00 accelerated the active minor impulse waves (v) and 5 – both of which belong to the medium-term upward impulse sequence (3) from the end of June. The price is currently moving inside the accelerated daily up channel from December
Given the prevailing uptrend that can be seen on the daily charts and the latest improvement in risk sentiment across the commodities markets – Wheat is expected to rise further toward the next round resistance level 700.00 (target price for the completion of the active impulse waves (v) and 5).