• Wheat reversed from support area
• Likely to rise to resistance level 700.00
Wheat recently reversed up from the support area lying between the support level 644.00 (which stopped the sharp downward correction in May), lower daily Bollinger Band and the 50% Fibonacci correction of the weekly impulse from last year.
The upward reversal from this support area created the daily Hammer – which stopped the previous ABC correction (2).
Wheat can then be expected to rise further toward the next round resistance level 700.00 (top of the previous impulse wave (1)).
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