Idea on US Wheat: Head & Shoulders pattern

ViclreTrade Updated   
- Strong support at $6.80/bu with strong rejection candlesticks ( hammer )
- Bullish engulfing on this support
- Rebound on the 150 Exponential Moving Average
- Broke up the 100 Exponential Moving Average
- Rebound on the 38.2% Fibonacci retracement level
- Hidden bullish divergence on Relative Strenght Index (RSI)
- Head & Shoulders pattern

Fundamental news:

- Cut of worldwide wheat production
- Oversold position before monthly USDA report


Wheat could goes up to the $7.22/bu level (61.8% Fibonacci retracement level) and then goes down and confirm the Head & Shoulders pattern. The theoretical objective is $5.80/bu (support). Before this level, there is a strong support at $6.20/bu. WHAT DO YOU THINK ABOUT THIS IDEA?

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DISCLAIMER: This is not investment advice
Head & Shoulders pattern seems to be invalidated.

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