Kneading the dough

Lock in your Wheat price.

Yesterdays outside bearish reversal aides my Short Call on Wheat.

Currently trading at $8.50 on CBOT,

Looking for an initial downside target into the $7.81-$7.67 range.

$7.75 to be specific.

The medium term target surrounds the $7.12 area.

November 25, 2021

by Rob Zdravevski


‘Fat Part’ of Wheat’s short has been seen

Wheat has retraced 78.6% of the advance from December 2020.

It’s nearly oversold, it may have a little further, down to the trend line at $6.10 but the ‘fat part’ of the short trade has been had.

On a weekly basis, other technicals suggest similar metrics, coincidences of touching a 50 Week Moving Average, reaching 2.5 standard deviations below its mean and other exhaustions.

Away from technicals, supply fundamentals seem favourable for higher prices again.

July 12, 2021

by Rob Zdravevski

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