Wheat to turn at the corner?
I can see the following on the chart:
- very stretched down swing
- coiling = something is cooking in here
- price landed nicely at the A/R line
The white fork is a "potential" projection of price.
If price close out of the L-MLH, then the fork is not valid anymore.
Let's see if there will be something more interesting.
I don't like to jump the gun, there is mostly a re- entry if I miss it.
But we need to stalk it for sure!
Hunt mode ON ;-)
TNX Bo for the heads up.
Closing with loss.
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200 month moving ave. at $5.06
I would look for a test of the low on monthly line chart above the Nov 2016 low at $3.805 at end of April or May before entering Long side.
(Trade Wheat and sleep in the Street) Fundamentally - think Corn is going to have to lend support