- Wheat reversed from support area
- Further gains are likely
Wheat recently reversed up from the support area lying between the pivotal support level 473.00 (former major resistance from last June) and the 38.2% Fibonacci correction of the previous upward impulse from the middle of May.
The upward reversal from this support area continues the active short-term impulse wave c of the ABC correction 4 from March.
Wheat is expected to rise further and retest the next resistance level 500.00 (target for the completion of the active impulse wave c).