Technical analysis

Wheat Wave Analysis – 13 October, 2021

Wheat Wave Analysis – 13 October, 2021

• Wheat falling inside wave (2)

• Likely to reach support level 700.00

Wheat continues to fall inside the intermediate correction (2), which started earlier from the resistance zone lying between the key resistance level 760.00 (which has been reversing the price from April) and the upper daily Bollinger Band.

The downward reversal from this resistance zone started the active corrective wave (2).

Wheat can be expected to fall further toward the next support level 700.00 (low of the previous correction 4 and the target for the completion of the active corrective wave (2))

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