Wheat has a solid base at ~540. Every time we have pushed to or above the red down sloping trendline we reverse to this level. This has formed a triangle that is reaching a decision point that may yield to a breakout of this low level and a push above the 600 level. Given that the price has held firm to the red trendline for so long a move above it will be a reason to keep an eye on it. If the price retests to the red trendline then it is cause to watch closer for a possible break above the 600 level. If a retest goes back to the 545 level then its more likely the price will continue to crab in this range.
I'd say that from this level the push to 600 is more than certain in the short term given the previous behaviour of the price from this level. Again, what is uncertain is whether or not we get a push beyond 600, and that is largely dependent on the retest. Worth keeping an eye on.
Edit: Its worth noting that on the 4hrly chart there is a double bottom that has been printed and a congestion zone following confirmation of the pattern has printed. Currently it has had a break and retest of the pattern. So it is likely that the move to 600 is already underway.
I'd say that from this level the push to 600 is more than certain in the short term given the previous behaviour of the price from this level. Again, what is uncertain is whether or not we get a push beyond 600, and that is largely dependent on the retest. Worth keeping an eye on.
Edit: Its worth noting that on the 4hrly chart there is a double bottom that has been printed and a congestion zone following confirmation of the pattern has printed. Currently it has had a break and retest of the pattern. So it is likely that the move to 600 is already underway.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.