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Wheat Wave Analysis – 27 August , 2018

Wheat broke support area
• Further losses are likely

Wheat recently broke through the support area lying between the key support level 530.00 (which has been reversing the price from July), 50-day moving average and the 50% Fibonacci correction of the previous upward impulse from June.

The breakout of this support zone accelerated the active short-term impulse wave C of the medium-term ABC correction (2) from the start of August.

Wheat is expected to fall further and retest the next round support level 500.00. Strong resistance now stands at 530.00.

WHTUSD - Primary Analysis - Aug-27 1840 PM (1 day)

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