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SE ND | From a chart perspective it is a nice rally today, but if you look at the controlling swing price closed below the LML of the fork two days ago followed by another daily bar closing above it. Where have we seen this before? This is similar to what happened in beans in mid Feb. Beans continued to rally, but that poke lower was a tell that the market wasn't very strong, and price failed to meet the ML which led to an hagopian. I'm not going to say that wheat is done rallying after today, since structurally, the last minor swing failed to make a LL and is now in jeopardy.
Lowsy day for the bean market also. Poor reaction off of the LML.
We'll see how it shakes out tomorrow. | |
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whats up with wheat
