Technical analysis

Wheat Wave Analysis – 2 July, 20211

• Wheat reversed from resistance area

• Likely to fall to support level 640.00

Wheat recently reversed down from the resistance area lying between the round resistance level 700.00, upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from the start of May.

The downward reversal from this resistance area stopped the previous minor impulse wave (i).

Wheat can be expected to fall further toward the next support level 640.00 (which has been reversing the price from the end of May).

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