Wheat recently reversed up with the daily hammer from the support area, lying between the key support level 547.00 (the bottom of the previous correction from the beginning of January), lower daily Bollinger band and the 50% Fibonacci correction of the previous sharp upward impulse wave from November.
The upward reversal from this support area has started the active short-term corrective wave (b).
Given the strength of the uptrend visible on daily wheat charts, the price is likely to continue to rise toward the next resistance level of 575.00 (target price for the completion of the active wave (b)).
The monthly ADP labour market report showed that America created 192K new jobs in April, above…
Bears showed strength ahead of the FOMC decision. U.S. indices sagged on Tuesday as investors…
Market Picture Bitcoin's closing price on Tuesday became the lowest since late February, confirming the…
- Ebay under the bearish pressure - Likely to fall to support level 51.00 Ebay…
- GBPAUD reversed from key support level 1.9135 - Likely to rise to resistance level…
Silver has lost 2.6% since the start of the day on Tuesday to $26.4 per…
This website uses cookies