After the initial spike induced from the war creating a higher demand in wheat, we are now seeing a pullback from the highs.
Fibonacci levels line up pretty well with resistance and consolidation levels.
Good support around the $6.8 to $7 with first resistance being at the $8 level and heavy resistance at the $8.50 mark.
Keep in mind that after very quick moves one direction we typically see the same type of movement in the opposite direction.
Best advice is wait for support to appear and breaking of trend to get in.
Fibonacci levels line up pretty well with resistance and consolidation levels.
Good support around the $6.8 to $7 with first resistance being at the $8 level and heavy resistance at the $8.50 mark.
Keep in mind that after very quick moves one direction we typically see the same type of movement in the opposite direction.
Best advice is wait for support to appear and breaking of trend to get in.