Wheat broke key resistance level 109.60

• Wheat broke key resistance level 109.60
• Further gains are likely

Wheat recently broke the key resistance level 109.60 – which stopped the previous sharp waves 2 and (1) – as can be seen below.

The breakout of the resistance level 109.60 coincided with the breakout of the 61.8% Fibonacci correction of the previous sharp downward impulse from the start of August .

Wheat is expected to rise further and retest the next key resistance level 540.00 (multi-month high from December).