• Wheat reversed from key support level 630.00
• Likely to rise to 660.00
Wheat earlier reversed up sharply from the key support level 630.00 (which also stopped the previous minor correction 2 in January – as can be seen below) – which started the active impel wave (iii).
The support area near the support level 630.00 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci retracement of the previous upward impulse form December.
Wheat is expected to rise further in the active impulse waves (iii), 3 and (C) toward the next resistance level 660.00.