It is Friday, and this week’s opportunity to continue Neil’s indoctrination that “News Follows Price” is passing.
There is always next week.
And I will be prepared…
Today we will provide two reasons to be optimistic about Durum wheat prices.
That does not mean that we are Bullish.
We are not.
That will change.
But not today.
For our current, immediate and actionable analysis, click this link:
The first chart provides a dose of the current price behaviour.
Notice how the price is below the moving averages depicting the strength of the downtrend.
The trend remains down, and we are Bearish until we see signs of a reversal in the primary price trend.
Notice the previous high of $367 appears to be acting as a magnet.
It is common for markets to return to test the previous highs, which often provide support.
This behaviour can be found in all markets, from Durum to lentils to stocks, Forex to Bonds and cryptocurrencies.
For this reason, we have been discussing the 367 level for over twelve months.
Check out our website for past analyses.
The second chart suggests future price action that most readers and Elliot Wave enthusiasts will enjoy.
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