Market Snapshots

Wheat Wave Analysis 6 October, 2020

Wheat Wave Analysis 6 October, 2020

• Wheat broke resistance level 585.00

• Likely to rise to 600.00 and 610.00

Wheat recently broke above the key multi-month resistance level 585.00 (which has been steadily reversing the price from the middle of January).

The breakout of the resistance level 585.00 accelerated the active impulse waves iii, (iii) and C.

Wheat price is likely to rise further toward the next resistance level 600.00 (target price for the completion of wave (iii)) – followed by 610,00 (projected end of wave C).

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