Last Friday, JULY Chicago Wheat Futures were trading at 625, and we asked the following two questions:
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?
Buyers did step in, as witnessed by the long wick beneath Friday's candle body.
However, sellers took over in the last session and the move lower to the 200- Day Moving Average and 61.8% Fibonacci Retracement continues.
Perhaps we will have one or two more days of downside before catching a bounce at the 625-628 level.
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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