Wheat Wave Analysis – 21 February, 2019

• Wheat reversed from support area
• Further gains are likely

Wheat today reversed up from the support area lying between the key long-term support level 473.00 (which has been reversing the price from the middle of last year, as can be seen below) and the lower daily Bollinger Band.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

Wheat is expected to rise further and re-test the next round resistance level 500.00 (former support from last December).