• Wheat broke support area
• Likely to fall to support level 640.00
Wheat recently broke the support area lying between the key support 680.00 (former monthly high from February), support trendline of the wide daily up channel from last August and the 50% Fibonacci correction of the sharp upward impulse from . the end of March. The breakout of this support area accelerated the active impulse wave (c) – which belongs to the ABC correction 2 from the end of April.
Given the strength of the active downward impulse wave (c) – Wheat can be expected to fall further toward the next support level 640.00 (former minor resistance from the start of May and the target price for the completion of the active ABC correction 2).