Wheat got nuked in late May, as it re-tested the high. It did a full retrace, -36%. Impressive even for meme stocks let alone one of the most precious commodities on the planet.
Wheat has spent Jul and Aug in the area of intense demand, which just happens to be around EMA(100) , from what I can see everyone is waiting for first harvest numbers to start sending futures higher.
I'm expecting explosive few weeks, perhaps even hitting $12 again before the first snows in the northern hemisphere.
The monthly chart is even more explicit:
Wheat has spent Jul and Aug in the area of intense demand, which just happens to be around EMA(100) , from what I can see everyone is waiting for first harvest numbers to start sending futures higher.
I'm expecting explosive few weeks, perhaps even hitting $12 again before the first snows in the northern hemisphere.
The monthly chart is even more explicit:
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