Technical analysis

Wheat Wave Analysis – 2 June, 2021

• Wheat rising inside wave (B)

• Likely to rise to resistance level 720.00

Wheat continues to rise inside the intermediate wave (B) which started earlier from the pivotal support level 644.0 (former strong resistance level from March and April).

The support zone near the support level 644.0 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the upward impulse from August.

Wheat can then be expected to rise further toward the next resistance level 720.00 (target for the completion of the active wave (B)).

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