Durum Corrects, Now What?
Grain Market Technical Analysis
The Canada Western Durum Wheat verage Saskatchewan cash price closed the week with a dramtatic correction with market participants experiencing a wide range emotions depending on their positions.
Last week’s newsletter, discussing the market cycle and the associated range of emotions, can be found here.
With Durum closing the week 25% off its highs, long position holder feelings have likely switched from Complacency to Denial or Panic.
Those feeling Panic brought the Durum price to levels not seen since August 2020.
Our readers are avoiding these emotions with the January 15 sell signal below $19.60.
The chart below shows a relative perspective of the current price dating back to 2015
How much lower can the Durum price go?
This week’s newsletter will offer charts on multiple timeframes with levels of interest priced in both tonnes and bushels.