$KE1! Wheat OVER $9 in March? Potential for $10?Hi Folks,
Wheat has entered a bull run with a 50/200 ema golden cross as well as a 100/200 ema bullish cross for the first time since 2010! The prior run was from 2010 to 2016. Bearish from 2016 until late 2020 where we first see some bullish crossings. These stages tend to last anywhere between 4-6 years so we should see some continuation.
As far as the technical movement goes, we can tell that wheat likes to flag into the 21-day ema and sometimes into the 50-day ema before continuing. Yesterday, price fell below the 21-day ema and today it reclaimed immediately; this is exactly what we wish to see in healthy upward movements.
Needless to say, at this point you can tell I am bullish on wheat (and commodities in general) for the foreseeable future. What say you?
