Wheat has been in a price normalization phase after the potential catastrophe of Russia's full scale invasion of its democratic neighbor. Since June 23, bulls have made several attempt to break and hold the daily 200MA, shown in green circles above. The first four attempts can be read as two sets of double tops. Even if this rally can't hold the 200, chances of another double top are worth considering.
However, unlike the previous double top attempts on the daily 200, the 50MA in orange is turning up towards the 200 and thus a second attempt at a golden cross may not be far off. The 100MA, in light blue, is almost there already, though of less significance.
Record harvests aside, increasing climate anomalies and the depravities of wars of aggression suggest this market may experience volatility going forwards.
As with all my posts, this is not financial advice and you trade at your own risk.
However, unlike the previous double top attempts on the daily 200, the 50MA in orange is turning up towards the 200 and thus a second attempt at a golden cross may not be far off. The 100MA, in light blue, is almost there already, though of less significance.
Record harvests aside, increasing climate anomalies and the depravities of wars of aggression suggest this market may experience volatility going forwards.
As with all my posts, this is not financial advice and you trade at your own risk.