WHEAT Bearish pressure under the 1D MA50 and MA200.
Wheat (ZW1!) has been trading within a long-term Channel Down pattenr since July 2022. The price is currently on a bearish sequence below both the 1D MA200 (orange trend-line) and 1D MA50 (blue trend-line). It appears that technically this is a Bearish Leg following the December 06 2023 Lower High rejection, similar to the one that started on the October 10 2022 Lower High.
That sequence reached the Channel Down bottom on the 1.786 Fibonacci extension. As a result, our long-term Target is 455'7.
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That sequence reached the Channel Down bottom on the 1.786 Fibonacci extension. As a result, our long-term Target is 455'7.
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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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