• Wheat broke resistance level 555.00
• Further gains are likely
Wheat continues to rise after the recent breakout of the key resistance level 555.00 (which stopped the sharp upward impulse wave (5) in May and also at the end of July).
The breakout of the resistance level 555.00 accelerated the active short-term impulse wave 3 of the medium-term impulse wave (3) from June.
With the daily Momentum near the yearly highs – Wheat is likely to rise further and re-test the next round resistance level 600.00 (forecast price for the completion of the active impulse wave 3).