Wheat Wave Analysis 29 April, 2021

• Wheat falling inside corrective wave (2)

• Likely to reach support level 690.80

Wheat recently reversed up with the tall daily Japanese candlesticks reversal pattern Shooting Star Doji from the resistance level 740.00, intersecting with the upper daily Bollinger Band.

The downward reversal form the resistance level 740.00 started the active medium-term donward corrective wave (2).

Given the deteriorating risk sentiment – Wheat is likely to fall further toward the next support level 690.80 (former multi-month high form January).