Chicago Wheat has been in a downtrend since peaking in March 2022. The recent downtrend bottomed in September and battled the blue Anchored Volume-Weighted Average Price (AVWAP) from the August 2016 low.
Previous resistance often acts as support, and the blue VWAP has brought in buyers this month.
Last Thursday, the price was back above the purple VWAP from the September 2023 low, providing a reason to feel good about prices.
Our yellow trendlines appear to be forming a downward wedge pattern.
A break above the yellow trendline could lead to a rally.
Chicago often leads the other wheat markets, so…..
Wheat ZWH24
Trent Klarenbach, BSA AgEc, publishes the Klarenbach Grain Report and the Klarenbach Special Crops Report.
Klarenbach Research
Sign up below for a FREE trial of our newsletters
https://www.klarenbach.ca
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.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
