WHEAT Struggling on the 1D MA200. Long-term sell opportunity.
Wheat (ZW1!) has been trading within a Channel Down pattern since July 2022 and since early December has failed repeatedly to detach itself above the 1D MA200 (orange trend-line). Since it is closer to the top (Lower Highs trend-line) of the pattern and it resembles the February 14 High, we expect a strong selling sequence if the price breaks below the 1D MA50 (blue trend-line).
The previous Lower Low was priced on the 1.786 Fibonacci extension from the Lower High. That gives us a projected target of 413'0.
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The previous Lower Low was priced on the 1.786 Fibonacci extension from the Lower High. That gives us a projected target of 413'0.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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