Wheat Wave Analysis – 9 July, 2020

• Wheat approached key resistance level 528.00

• Likely to rise to 540.00 and 550.00

Wheat continues to rise inside the accelerated impulse wave – which previously broke through the resistance zone lying between the round resistance level 500.00 and the resistance trendline of the daily down channel from April.

The price is currently trading close to the key resistance level 528.00 (former monthly top from June).

If the price closes today above the resistance level 528.00  – the price is then likely to rise further toward the next resistance levels 540.00 and 550.00.