Wheat:
We just can't figure out this chart as we would have expected the 'double-key-reversal' pattern of July 22 to have found follow through which did not happen. Instead, price made a lower low and a new record low for the contract last Friday which usually is a sign that even lower levels are in the card. We want to let this chart unfold without further bias and turn neutral for now until we get a better picture.
We just can't figure out this chart as we would have expected the 'double-key-reversal' pattern of July 22 to have found follow through which did not happen. Instead, price made a lower low and a new record low for the contract last Friday which usually is a sign that even lower levels are in the card. We want to let this chart unfold without further bias and turn neutral for now until we get a better picture.