• Wheat broke key resistance level 1100.00
• Likely to rise to resistance level 1100.00
Wheat continues to rise after previously breaking the key resistance level 716,00 (which stopped the previous sharp upward impulse wave 1 in the middle of July). The breakout of the resistance level 716,00 accelerated the active short-term impulse wave 3 of the intermediate upward impulse sequence (5) from the start of July.
Given the prevailing uptrend that can be seen on the daily charts, Wheat can be expected to rise further toward the next resistance level 740,00 – followed by the next resistance level 760,00 (top of the previous minor correction (ii) from the start of May).