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Wheat Wave Analysis – 2 July, 2019

  • Wheat reversed from resistance area
  • Further losses are likely

Wheat recently reversed down from the resistance area lying between the key resistance level 550.00 (which has been revering the price from August of 2018) and the upper daily Bollinger Band.

The last two downward reversals from this resistance area created the 2 daily Japanese candlesticks reversal patterns – Evening Star.

 

Wheat is expected to fall further in the active daily impulse wave 3 and retest the next support level 513.00 (former support from June).

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Source: FxPro


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