Wheat recently reversed down from the resistance area lying between the key resistance level 470.00 (former powerful support from 2018), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from February.
The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Shooting Star.
With the overbought Stochastic indicator – Wheat is expected to fall further and re-test the next support level 460.00.
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