Wheat Wave Analysis – 12 June, 2020

• Wheat reversed from support zone

• Likely to rise to 510,00

Wheat today reversed up from the support area lying between the multi-month support level 495,00 (which stopped the previous impulse waves (1) and 1 respectively) and the lower daily Bollinger Band.

The upward reversal from this support zone stopped the earlier short-term impulse wave 3 from the start of June.

Given the strength of the aforementioned support area and the oversold daily Stochastic – Wheat is likely to rise further toward the next resistance level 510,00.