Technical analysis

Wheat Wave Analysis – 24 October , 2018

  • Wheat broke support area
  • Further losses are likely

Wheat today broke through the support area lying between the key support level 510.00 (lower border of the narrow sideways price range inside which the pair has been trading from September) and the support trendline from April.

The breakout of the support area should accelerate the active short-term impulse wave (c) – which is a part of the medium-term ABC correction (2) from August.

Wheat is expected to fall further and re-test the next strong support level 495.00 (which has been steadily reversing the price from the end of August).

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