In the Market Message last week, I wrote about the fact that all the commodities were doing so well, with the exception of Wheat. Well, what a difference after the situation in Ukraine elevated.
Wheat was hanging around a major support/ resistance line at 600. We can see this week, it got blown higher in the commodity pits.
The breakout on the MACD was very important. Wheat has now joined the rest of the commodities on an upward surge. A break through the 21 month downtrend line would be bullish! This would also be a break above the down trending 40 WMA.
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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