Wheat Wave Analysis 10 February, 2021

• Wheat reversed from resistance level 660.00

• Likely to fall to support level 614.80

Wheat recently reversed down from resistance level 660.00 (which was set as the likely upward target in our previous forecast this instrument).

The price is currently approaching the major support level 629.50 – which has been reversing the price from the middle of January – intersecting with the 50% Fibonacci correction of the previous upward impulse from December.

If the price breaks the support level 629.50 – Wheat can then fall to the next support level 614.80 (61.8% Fibonacci correction of the previous upward impulse from December).