Technical analysis

Wheat Wave Analysis 22 March, 2021

Wheat Wave Analysis 22 March, 2021

• Wheat reversed from support zone

• Likely to reach resistance level 640.00

Wheat recently reversed up from the support zone located between the key support level 625.00, lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse 1 from December.

The upward reversal from this support zone stopped the previous ABC corrective wave 2.

Wheat is likely to rise further toward the next resistance level 640.00 (former multi-candle support from the start of March).

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