Market Snapshots

Wheat Wave Analysis 30 October, 2020

Wheat Wave Analysis 30 October, 2020

• Wheat falling sharply

• Likely to reach 580.00

Wheat falling sharply after the recent downward reversal from the major resistance zone lying at the intersection of the two resistance trendlines of the weekly up channels from 2019 and 2016.

The downward reversal from this resistance zone will form the powerful weekly Japanese candlesticks reversal pattern Evening Star Doji – if the price closes this week near the current levels.

Wheat is likely to fall further toward the next support level 580.00 (former resistance level from the start of this year).

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