Wheat Wave Analysis – 12 May, 2020

• Wheat reversed from resistance zone
• Likely to fall to 505.80

Wheat recently reversed down from the resistance zone located between the key resistance level 524.31 (former strong support from April) and the 38.2% Fibonacci retracement of the previous downward impulse from April.

This resistance area was further strengthened by the resistance trendline of the daily down channel from March.

Wheat is expected to fall further toward the next support level 505.80 (former support from the start of May).