Categories: Technical analysis

Wheat Wave Analysis – 25 November, 2019

  • Wheat broke daily down channel
  • Likely to rise to 530.00

Wheat recently broke the resistance trendline of the daily down channel from October (which enclosed earlier ABC correction (ii)) – which accelerated the active impulse wave (iii).

The active impulse wave (iii) belongs to the intermediate upward impulse sequence C from end of August.

Wheat is expected to rise further toward the next pivotal resistance level 530.00 (which reversed the price sharply in October and July).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: WHTUSD

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