Wheat Wave Analysis 12 January, 2021

• Wheat reversed from key support level 640.00

• Likely to rise to 663.30

Wheat recently reversed up from the key support level 640.00 (former resistance from October) – standing close to the 38.2% Fibonacci correction of the previous sharp upward impulse from December and the upper trendline of the weekly up channel from 2019.

The upward reversal from the support level 640.00 started the active short-term impulse wave 5 – which belongs to wave (3) from last month.

Given the predominant uptrend – Wheat is likely to rise further toward the next resistance level 663.30 (top of the previous impulse wave 3).