Bounce in Wheat
For weeks, maybe months, we have been discussing a possible bounce in the Wheat Futures at the area of confluence of the 200-Week Moving Average and the bottom trendline.
Last week's price found support and we got the bounce.
Yes, Technical Analysis works.
With stocks.
And with bonds.
And with currencies.
And with cryptocurrencies.
And with commodities.
This was a nice low-risk trade to take with a stop below the wick of the red candle.
Perhaps, the price will go higher and retest the resistance of the ascending triangle.
If so, it will be good to be a farmer.
Of course, farmers are like ducks, and it is always good to be a duck.
I was told it was because ducks don’t need sunglasses.
True story.
Anyways,
Check out the chart below.