CBoT wheat still waiting for the bottom
Wheat:
Nothing much happened during the past week and price has mostly been moving sideways during the week with exception for Friday when price took out its most recent lows at 395/393 after which it recovered and made a very strong 3% rally from its LOD.
We still believe that price needs to make one more impulsive move to the downside and we keep our bear bias unchanged. Our bear scenario goes straight into the waste bin if price breaks 411 to the upside.
Nothing much happened during the past week and price has mostly been moving sideways during the week with exception for Friday when price took out its most recent lows at 395/393 after which it recovered and made a very strong 3% rally from its LOD.
We still believe that price needs to make one more impulsive move to the downside and we keep our bear bias unchanged. Our bear scenario goes straight into the waste bin if price breaks 411 to the upside.
We believe that the bottom is there. More later.