Wheat Wave Analysis – 24 May, 2021

• Wheat broke support level 690.80

• Likely to fall to support level 640.00

Wheat recently broke the support level 690.80 (former monthly high from January and the low of the previous impulse wave 3).

The breakout of the support level 690.80 coincided with the breakout of the 50% Fibonacci correction level of the upward impulse from March.

Wheat can be expected to fall further toward the next support level 640.00 (former minor resistance level from the start of April).