• Wheat broke combined support area
• Likely to reach support level 600.00
Wheat continues to fall after recently breaking through the combined support area lying between the key support level 627.00 (which has been reversing the price from the start of January), support trendline of the wide daily up channel from last August and the 50% Fibonacci correction of the previous sharp upward impulse wave 1 from the start of December. The breakout of this support area accelerates the active minor impulse wave (c) from the end of February.
Given the proximity of the aforementioned price area (acting as the resistance after it was broken) – wheat is likely to fall further in the active impulse wave (c) toward the next round support level 600.00 (former support from December).