Wheat is experiencing a bullish reversal with the inverse head and shoulders. Price is making a series of higher highs and higher lows. The first target is equality of the head and shoulders at 0.96. Central banks can print currency but they can't print wheat!
Wheat is consolidating at the head and shoulders neckline. This forms a multi-year basing pattern. I expect several weeks are needed for the RSI and stochastics to work back from being overbought. This will present an attractive entry point for a multi-year bull market.
Central banks can print currency but they can't print wheat!
While tech and high growth stocks were in favour during the economic expansion, hard assets and necessity goods are likely to be in favour during the stagflationary period to come. Even in a recession, people need to eat!
We have broken the 2009 downtrend and formed an inverse head and shoulders as a...