• Wheat rising inside sharp impulse wave 3
• Further gains are likely
Wheat continues to rise inside the sharp impulse wave 3 – which started recently from the support area lying between the round support level 500.00, lower daily Bollinger Band and the support trendline of the wide daily up channel from March.
The upward reversal form this support area created the daily Japanese candlesticks reversal pattern Morning Star.
Wheat is expected to rise further and retest the next resistance level 560.00 (top of the (b)-wave of the previous short-term ABC correction 2).