This week has brought a light-your-hair-on-fire sell-off in the wheat markets.
It has not been for the faint of heart.
We had entered a trade from 706, which was covered today at 633.
Buyers are stepping in at the confluence of the green 50-Day Moving Average and the 50% Fibonacci Retracement level near 621.
Looking to the left, we see this has been a level of supply.
Will the price find support here and continue to the upside?
Or will we see 1-2 more days of downside to the confluence of the purple 200- Day Moving Average and the 61.8% Retracement?
Trent Klarenbach, BSA AgEc, publishes the Klarenbach Grain Report and the Klarenbach Special Crops Report.
Klarenbach Research
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On the date of publication, Trent Klarenbach did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
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