• Wheat reversed from resistance zone
• Likely to fall to 534.00
Wheat recently reversed down with the daily Bearish Engulfing from the resistance zone located between the resistance level 578.00 (which stopped the price in March), upper daily Bollinger Band and the resistance trendline of the weekly down channel from January.
The downward reversal from this support zone started the active medium-term downward impulse wave (1).
Wheat is expected to fall further toward the next support level 534.00 (former minor pivot from the middle of September).
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