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Did wheat find bottom?
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jimmy
Posted 5/21/2020 07:10 (#8270821 - in reply to #8270797)
Subject: RE: Did wheat find bottom?


The low 493.75 was put in and traded painfully slow back to low 5s and was 496 still night session going into Wed.


630 wed morning a switch was hit and 830 open 30 min of sell pressure then rested and in 40 min it went to 516 once 505 was broken.


I would lean more toward funds decided to cover shorts as fast as those stops were clicking. And today could be 2nd day of it.

Plus any weather or crop condition news added in.

It was pretty stagnant for 2 days when the low was put in. My point is the big move came much later not necessarily a irect reaction to the low itself.
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