Wheat Wave Analysis – 27 January, 2020

• Wheat reversed from resistance area
• Likely to fall to 553.80

Wheat recently reversed down sharply from the powerful resistance area lying between the multi-year resistance level 590.00 (which reversed the sharp uptrend in the middle of 2018) and the upper weekly Bollinger Band.

The downward reversal from this resistance area created the strong weekly Japanese candlesticks reversal pattern Shooting Star Doji – very strong sell signal for Wheat.

Wheat is likely to fall further toward the next support level 553.80 (former multi-month high from last year).