Wheat Wave Analysis – 17 December, 2019

• Wheat reversed from resistance area
• Likely to fall to 540.00

Wheat recently reversed down from the resistance area lying between the key resistance level 552.00 (which stopped the sharp uptrend in June) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the earlier impulse wave (v) from the start of December.

Given the strength of the aforementioned resistance area and the clear bearish divergence on the daily Stochastic indicator – Wheat is likely to fall to the next support level 540.00.