Keeping a very watchful eye on wheat!!! I believe that there is an explosive move on the way which may be a long drawn out corrective cycle depicted in the chart, after spiraling down for the past five years.
We have recently hit what seemed to be a good double bottom here which failed to breakout leading me to believe there could be a third so maybe third time is the charm possibly when oil turns around and we see another bounce in commodities wheat could be leading the pack. Please see chart below.
We have recently hit what seemed to be a good double bottom here which failed to breakout leading me to believe there could be a third so maybe third time is the charm possibly when oil turns around and we see another bounce in commodities wheat could be leading the pack. Please see chart below.
Comment:
What looked to be a good double bottom here clearly failed to breakout but there is still good positive accumulation divergence so We may see a third bottom before breakout. Either way third bottom or not when this breaks out i would like to confirm with a true breakout of the accumulation resistance.
