Wheat Wave Analysis – 23 January, 2019

• Wheat broke key resistance level 520.00
• Further gains are likely

Wheat recently broke above the key resistance level 520.00 – which has been steadily reversing the price from the start of January.

The breakout of this resistance level is aligned with the active short-term impulse wave 3 – which belongs to the  medium-term upward impulse sequence (C) from the end of October.

Wheat is expected to rise further and re-test the next key resistance at 540.00 (top of the previous impulse wave 1 from December).