The WASDE has come and gone and the chart remains in a corrective phase no matter how you interpret the data and the weather.
The correction will only break with a weekly close of over $6.42.
I would only consider the Bull story to be over should we have a Weekly close under $4.56.
Until then, all the deep dips REMAIN buying opportunities.
The rallies remain selling opportunities (profit taking only) and the dips remain buying opportunities (getting long)!
I REMAIN really bullish in the “big picture” but,t we could easily see this market come off after trying print $6.00, so in short you may well have the chance to get long sub $5.00!
I have left the road map in as drawn last week.
I still feel that this chart can print $6.00 – $6.11 but the market feels very tired and has felt like this for a good few weeks.
In my experience, this typically occurs before a good move, as most have cut their positions.
I REMAIN a proponent of BTD’s and take cash on the rallies!.
All the dips are buying opportunities and anything close to R3000 will be the biggest opportunity.
My ZAR flat price view is that R3000 – R2800 will be the ultimate low should we get there and that one cannot afford to be caught short as a change of trend can occur at any moment.
I like this chart and feel a pullback may be on the cards, but that all pullbacks are buying opportunities!
Once the correction is over this chart will be looking to break out to the upside by R500 or more, but I am not sure this is sustainable due to my Corn view.
#No Change in Commentary
I love this chart, I have loved this chart and its working like a bomb!
Only thing we are now patiently waiting for is where to get longer!
#I can’t add anything new to the below!
For those that bought down to $6.14, well done as you are in for the ride of 2021 (as far as wheat is concerned)!
We are now waiting to add, so I will ring the bell if we feel it’s time to BTD!
Wheat is set to rally in the coming months, and opportunity beckons! – “This view is aging better than a Chateau du Pape 1985.”
The chart is coming off after being highly overbought.
I hope most of you took the cash, I am not sure how this plays out so I will reserve my view until next week.
If you have not taken some cash off the table I would run a tight stop.
So much for the pullback and false break.
This could easily still rally but as I missed it I will need to let the formation play out over a week or two and revise my view.
Next time I say I am not sold on a bullish breakout, please don’t listen.
This chart could continue to rally but I am happy to sit out now as “discretion remains the better part of valour”.