The forecast for Wheat earlier this month was that its trading near a projected higher and expected to see a correction.
As you can see on today’s chart the up move in Wheat failed just around the 200 MVA.
One of the so many tools technical analysts use to determine a high and possible reversal.
Maybe it is a myth or a coincidence but it’s something that technical treaders do look at.
The media says that the Wheat prices corrected due to the strong US crops outlook and easing demand.
Our technical models indicated the correction late February and GMTT called the high for Wheat around 683.
The next short term downside target is 617.
A close below indicates a more serious correction towards 546.
We suggest for traders that are short Wheat to keep the buy stop at 640.
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Wheat Chicago March 23 2021