Wheat Wave Analysis – 27 November, 2019

• Wheat approached resistance level 530.70
• Likely to rise to 530.70

Wheat has been rising in the last trading sessions inside the short-term impulse wave (iii) – which recently broke the resistance trendline of the daily down channel from October.

The price is currently trading close to the resistance level 530.70 (which has been reversing the price from July).

If the price breaks above the resistance level 530.70 – wheat can then rise toward the next resistance level 550.00.