• Wheat reversed from powerful support area
• Further gains are likely
Wheat recently reversed up sharply from the powerful support area lying between the key support level 550.00 (former multi-month resistance from May) and the 38.2% Fibonacci correction of the previous upward impulse (1).
The upward reversal from this support area started the active medium-term impulse wave (3) – which belongs to the long-term impulse wave ③ from the end of June.
Wheat is likely to rise further and re-test the next key resistance level 590.00 (top of the previous impulse wave (1)).