Technical analysis

Wheat Wave Analysis 5 January, 2021

Wheat Wave Analysis 5 January, 2021

• Wheat broke combined resistance area

• Likely to rise to 680.00

Wheat continues to rise strongly after the price broke the combined resistance area lying at the intersection of the resistance level 640.00 (which stopped the previous impulse wave 3) and the two weekly up channels from 2019 and 2017.

The breakout this resistance area accelerated the active weekly impulse 5 belonging to the impulse sequence (3) from the middle of 2020.

Wheat is expected to rise further toward the next resistance level 680.00 (target price for the completion of the active impulse wave 5).

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