Wheat Prices Break 5 Day Losing Streak

Wheat Prices Break 5 Day Losing Streak
Wheat Prices Break 5 Day Losing Streak

Wheat Futures—Wheat futures in the December contract is trading higher by 8 cents at 4.85 a bushel breaking a 5 day losing streak on optimism of a trade agreement between the United States and Japan which is a bullish fundamental factor towards higher prices in my opinion.

I have been recommending a bullish trade from the 4.82 level & if you took that trade continue to place the stop loss under the May 13th contract low as an exit strategy.

Wheat prices are trading above their 20 day but still below their 100 day moving average as the trend is higher to mixed, however for the bullish momentum to continue prices have to break the September 18th high of 4.92 in my opinion as I would think that the volatility will start to expand as we have now entered autumn.

TREND: HIGHER–MIXED

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

 

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