Wheat Wave Analysis – 13 January, 2020

• Wheat reversed from resistance area
• Likely to fall to 545.00

Wheat recently reversed down from the resistance area lying between the resistance level 566.50 (top of the previous Shooting Star from December) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous short term impulse wave (iii) from the start of January.

Wheat is likely to fall further toward the next support level 545.00 (low of the previous correction (ii)).