Wheat completes the trading week at level 521 and continues to move as part of the «Head and Shoulders» reversal pattern. Moving averages indicate an uptrend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 540. Where again we should expect a rebound and an attempt to continue the fall of the Wheat rate with a potential target below 465.
Wheat forecast for the week December 24 — 28, 2018
In favor of reducing the Wheat quotes in the current trading week December 24 — 28, 2018, the downward resistance line test on the relative strength index (RSI) will be tested. The cancellation of the Wheat fall option will be a strong growth and a breakdown of the 550 area. This will indicate a breakdown of resistance and the continuation of Wheat growth with a potential target above level 595. A confirmation of the downward trend development will be a breakdown of the support area and closing of quotes below 480.
Wheat forecast for the week December 24 — 28, 2018 suggests an attempt to test the resistance area near the level of 540. Then, the tool will continue to fall below 465. An additional signal in favor of the Wheat depreciation will be the resistance line test on the relative strength index (RSI). The abolition of the fall Wheat option will be a strong growth and a breakdown of the 550 area. In this case, we should expect continued growth.
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