Hard Red Spring Wheat March Futures Sell Signal
Grain Market Technical Analysis
Today’s report updates the December 9th publication Hard Red Spring Wheat, where our analysis focused on the March 2022 futures contract.
You can find this report by selecting the Read More button below.
The December 31 close of 982 triggered my sell signal of 991.
The chart below shows the price below the flattening green 50 Day Moving Average and the purple Volume-Weighted Average Price (VWAP) from the anchor on the September 10 low.
The flattening 50 DMA represents a short to an intermediate-term trend change.
The VWAP represents the average price paid per contract since that anchor period.
The average contract purchased since that low is losing money at this price.
Will they add to their positions or cut some losses?
What would you do?
I anticipate the price will decline to the area of previous supply at the 885 to 920 level the purple 200 DMA keeping my bearish Target #1 at 886.
I am updating my website allowing the reader to easily track the analysis for each individual commodity.
You can find the Hard Red Spring Wheat - MGEX page here: