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The worth of wheat traded up the each day restrict all day yesterday. The worth was locked close to $9.34.
Within the new buying and selling day, the contract moved greater reaching $9.60 earlier than it began to rotate again to the draw back.
The transfer to the draw back has now taken the value to the down restrict stage at $8.59. That stage is true close to its 100 hour shifting common at $8.60. The worth has traded above that shifting common since February 17. The worth has traded above the down restrict worth however solely marginally. Sellers are protecting the value in opposition to or close to that restrict down stage.
The transfer from the February 17 low to the excessive worth reached earlier in the present day took the value up 22.12%. Since then, the value is down -10.51% from that top.
The 100 hour MA shall be a a key barometer for consumers and sellers going ahead. A transfer beneath (it might need to attend till Monday’s buying and selling), and the 50% of the transfer up from the February 3 low are available at $8.50. Transfer beneath that stage and the 200 hour MA at $8.24 can be focused.
Conversely, maintain the 100 hour MA, and the merchants shall be trying again towards the damaged 38.2% of the identical transfer greater at $8.76. Transfer above that and we may very well be again on our technique to the upside.
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