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.
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.
Greg Schnell, CMT