Is Wheat Ready to Rock?

28 set 2021

WHEATUSD recently hit a high around the 7.16USD area and has been in a small downtrend since. It looks like it may be ready to head back upwards and test resistance again after a nice bounce off of support.

Entering around the $7 mark would give us about a 2.37% retrace up to resistance and would be a perfect bounce off of the 0.5 fib.

RSI on the 30 minute and 4 hour charts both look like they are in a position to support this move. Stoch RSI also appears to be in a spot to “roll over” on both time frames mentioned.

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