Wheat Wave Analysis 25 January, 2021

• Wheat reversed from pivotal support level 630.00

• Likely to test resistance level 660.00

Wheat recently reversed up from the pivotal support level 630.00 (which also stopped the previous minor correction (iv) at the start of January).

The support are near the support level 630.00 was further strengthened by the lower daily Bollinger Band and the 50% Fibonacci correction of the sharp upward impulse 1 from December.

Given the clear daily uptrend – Wheat is expected to rise further toward the next resistance level 660.00.