We have been in this channel since mid 2014.....Can we get another bounce? or is this where Wheat breaks?
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Price broke this long term descending triangle to come back and sit at the bottom of the triangle. The triangle head is getting narrower and we will eventually have to have a breakout either up or down. We will monitor this closely.
When we do get the break, it could be a start of a nice trend.
A possible trade right now can be nibbling on the long stick to see if we test the upper channel with tight stop in the case we break below the defined channel.