• Wheat reversed from support area
• Likely to rise to resistance level 720.00
Wheat recently reversed up from the support area lying between the support level 640.00 (former resistance from April), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from August. The upward reversal from this support area stopped the previous medium-term ABC corrective wave (4).
Given the strong daily uptrend, improvement in risk sentiment across the commodities markets – Wheat can be expected to rise further toward the next resistance level 720.00 (which stopped the previous short-term upward correction (iv) in the middle of last month).