Rally in Wheat will continue. Possible entries
Updated
You know I am a big fan of commodities and especially tight markets like wheat, live cattle, etc. These instruments are less manipulated and less speculative. Usually, they follow their setups very well. Getting above Friday’s high is potential swing entry. We have a triangular formation on the daily chart. Sometimes price makes false breakdown before the rally. So, it is another potential entry, if that happens. Wheat has a strong seasonal tendency to rally till September.
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Take some profits here. It can pullback 20 dollars or so.Related publications
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