Wheat: double top or more to come?
Concerns over weather and the potential for climate anomalies have seen a bullish trend in wheat recently. However and as analysts are at pains to point out, fundamentals on the ground like ample supply are still bearish.
But now that wheat has broken through the 200MA in white and consolidated, it's possible that bullish sentiment may remain into the new week. A break back under the 200 that then becomes resistance again will mean that this was another double top, similar to June-July and December 2023. But TA-wise, if the price can stay above the 200 daily until the 50MA catches up, then climate concerns and a golden cross may rally bulls towards the weekly 200MA.
Not financial advice.
But now that wheat has broken through the 200MA in white and consolidated, it's possible that bullish sentiment may remain into the new week. A break back under the 200 that then becomes resistance again will mean that this was another double top, similar to June-July and December 2023. But TA-wise, if the price can stay above the 200 daily until the 50MA catches up, then climate concerns and a golden cross may rally bulls towards the weekly 200MA.
Not financial advice.
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