Technical analysis

Wheat Wave Analysis 22 April, 2021

• Wheat broke resistance level 680.00

• Likely to rise to resistance levels 691.30 and 700.00

Wheat continues to rise after the price broke above resistance level 680.00 (former monthly high from February).

The breakout of the resistance level 680.00 was preceded by the breakout of the wide down channel from January – which accelerated the active impulse wave (3).

Wheat is likely to rise further toward the next resistance level 691.30 (former monthly high from January) – followed by the round resistance level 700.00.

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