InvestingScope

Hard Red Winter Wheat: Medium term Sideways Signal.

CBOT:KE1!   KC HRW WHEAT FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
Hard Red Winter Wheat is trading within a Descending Triangle on 1M ( RSI = 40 .777, MACD = -11.870, Highs/Lows = -63.0357). This month has rebounded on the 382 1W Support marking the 3rd time it bounced on that level since May, practically making a technical Triple Bottom.

As seen on the chart it appears to be replicating the July 2018 - January 2019 pattern, when then price after a Lower High within the 1M Descending Triangle , it declined and consolidated before eventually making the bottom on the 382 1W Support.

As a result we have calculated a trading range within 382 - 417 that may last until late November. This can be a very profitable medium term scalp opportunity.






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