Wheat Wave Analysis – 21 May, 2020

• Wheat broke daily down channel

• Likely to rise to 526.40

Wheat recently reversed up sharply from the key multi-month support level 495.00 and the lower daily Bollinger Band.

The price earlier broke the resistance trendline of the narrow daily down channel from the end of March – which strengthened the bullish pressure on this instrument.

Wheat is likely to extend the gains toward the next key resistance level 526.40 (former strong support from April, which reversed the price earlier this month).