Wheat Wave Analysis – 10 September, 2020

• Wheat reversed from support zone

• Likely to rise to 560.00

Wheat today reversed up from the support zone lying between the pivotal support level 542.90 (former high of wave B from July) and the 38.2% Fibonacci retracement of the previous upward impulse from last month.

If the price closes near the current levels it will form the daily Japanese candlesticks reversal pattern Morning Star Doji.

Wheat is likely to rise toward the next resistance level 560.00 (which has been steadily reversing the price from April).