- Wheat broke key resistance level 620.00
- Likely to rise to 638.50
Wheat recently broke above the key resistance level 620.00 (which has been repeatedly reversing the price from the start of November as can be seen from the daily Wheat chart below). The breakout of the resistance level 620.00 was preceded by the breakout of the 61.8% Fibonacci correction of the previous medium-term ABC correction (4) from the middle of October.
Given the predominant uptrend and the improvement in the risk sentiment across the commodities markets today – Wheat is likely to rise further in the active medium-term impulse wave (5) toward the next resistance level 638.50 (top of the previous impulses wave (3) from the middle of October) – from where the price is likely to correct down.