Wheat opened today with the runaway upward gap breaking through the resistance zone lying at the intersection of the resistance levels – 50% Fibonacci correction of the weekly downward impulse from last August and the round resistance level 500.00 (previous upward target).
The breakout of this resistance zone coincided with the breakout of the resistance trendline of the daily down channel from last August.
Wheat is expected to rise further inside the active medium-term impulse wave (3) and retest the next resistance levels 530.00 and 540.00.
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