Wheat is neither good, nor bad.
Currently, it formed a bullish flag on daily, MACD/RSI convergent with price that is going up.
First, breaking into a new 15 day high, above 530 would mean breaking the small wedge and going up.
Breaking the 200 day EMA at 535$ would make wheat go into an uptrend, all the way to 600.
News:
economictimes.indiatimes.com/news/economy/agriculture/wheat-procurement-up-at-26-47-million-tonnes-hailstorm-rains-hit-quality/articleshow/47417616.cms
Hedge funds are cutting wheat shorts:
agrimoney.com/news/hedge-funds-still-gloomy-on-ags-despite-deep-cut-to-wheat-shorts--8374.html
Neutral-long for wheat.
If 535 isn't broken in 2 weeks, price will likely go down.
Currently, it formed a bullish flag on daily, MACD/RSI convergent with price that is going up.
First, breaking into a new 15 day high, above 530 would mean breaking the small wedge and going up.
Breaking the 200 day EMA at 535$ would make wheat go into an uptrend, all the way to 600.
News:
economictimes.indiatimes.com/news/economy/agriculture/wheat-procurement-up-at-26-47-million-tonnes-hailstorm-rains-hit-quality/articleshow/47417616.cms
Hedge funds are cutting wheat shorts:
agrimoney.com/news/hedge-funds-still-gloomy-on-ags-despite-deep-cut-to-wheat-shorts--8374.html
Neutral-long for wheat.
If 535 isn't broken in 2 weeks, price will likely go down.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.