Breakout move on Wheat continues with Limits and Limit Ups
Updated
Wheat broke out of a range around Feb 23, retested and never looked back.
Multiple limits and multiple limit ups.
Likely driven mostly by Ukraine being a large exporter/producer of Wheat.
Those with multi-decades of market experience might have seen these before but I haven't.
During the March 2020 we've seen limits being hit but not like, everyday (or almost) a limit is hit.
And limit ups.... in daily candle sticks these will show up as dots
Amazing to observe, even better for those who participated in gains
but, scary what the implications of these to food and beverage prices...
Hard to say whether this will continue or reverse at some point (when) I definitely don't and observing from the sidelines.
Hopefully it stabilizes along with everything else.
Multiple limits and multiple limit ups.
Likely driven mostly by Ukraine being a large exporter/producer of Wheat.
Those with multi-decades of market experience might have seen these before but I haven't.
During the March 2020 we've seen limits being hit but not like, everyday (or almost) a limit is hit.
And limit ups.... in daily candle sticks these will show up as dots
Amazing to observe, even better for those who participated in gains
but, scary what the implications of these to food and beverage prices...
Hard to say whether this will continue or reverse at some point (when) I definitely don't and observing from the sidelines.
Hopefully it stabilizes along with everything else.
Note
That price move from breakout by the way is ~50% in a matter of days.
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