• Wheat approached strong resistance area
• Further gains are likely
Wheat has been rising sharply in the last few trading sessions inside the short-term impulse wave 3 which belongs to the medium-term impulse wave (3) from the start of July.
The price is currently trading close to the strong resistance area lying between the key resistance level 553.00 (which topped the sharp uptrend in May) and the upper daily Bollinger Band)
If the price breaks above the resistance level 553.00 Wheat is likely to re-test the next resistance level 570.00. Alternatively the price might correct down to 540.00.