After a bearish trend that lasted more than 2 months, higher prices for wheat are suggesting that a new bull market may be in the offings. Note on the daily chart (left) that continued volume buying is starting to push prices higher. The Bollinger Bands are suggestive move of a consolidation pattern than a new bull market trend.Today (intra-day chart on the right), prices have once again pushed through the $8.00/bushel price handle to suggest that a bottom may be in place.
Here's a Bloomberg article on the fundamentals of more buying:
Wheat Rises Most in a Week As Cheap Supply Boosts U.S. Exports
Here's a Bloomberg article on the fundamentals of more buying:
Wheat Rises Most in a Week As Cheap Supply Boosts U.S. Exports
