Wheat Wave Analysis – 13 February, 2020

• Wheat reversed from support level 540,00
• Likely to rise to 550,00

Wheat recently reversed up from the support level 540,00 (low of the earlier correction from December), strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the previous upward impulse from November.

The upward reversal from the support level 540,00 stopped the (c)-wave of the previous ABC correction (ii) from January.

Wheat is likely to rise further toward the next resistance level 550,00 (which stopped the (b)-wave of the ABC correction (ii) earlier this month).