- Wheat reversed from resistance area
- Further losses are likely
Wheat recently reversed down from the resistance area lying between the key resistance level 470.00 (former powerful support from 2018), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from February.
The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Shooting Star.
With the overbought Stochastic indicator – Wheat is expected to fall further and re-test the next support level 460.00.