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Wheat Futures: Bearish Market is over

Wheat Futures: Bearish Market is over

Wheat prices may have come to the end of the bear market of almost six years, with a shift in supply demand in favor of supply.

While the increases in precipitation in Ukraine – the fourth largest producer in the world,- gave support to the supply side, the appearance of the driest winter in the last 6 years in Europe caused a drop in harvest expectations.

The dry weather is expected to cause a decline in supply particularly in Russia, Scandinavia and the Baltic states.

Technically:

On the weekly charts, longterm bearish trend line is broken. Wheat Futures prices moved above EMA 200 as well.

Our Trade Idea:

Trade: LONG

Entry: 524.600

Stop: 475.000

Targets : 570, 620 and 700

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

 

 

Wheat Futures:  Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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