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).
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