After setting the maximum of 874.48 at the end of November, the prices for wheat moved to flat with the lower boundary of 740 and the upper boundary in the range between 820 and 830.
On 10 February, it was an attempt to move the price to the lower boundary of the flat but on the next day with the buyer’s efforts it was possible to materialize a “bullish engulfing”. Now the upward movement is more relevant for wheat. The RSI is near 50 and does not prevent a growth scenario.
The targets of the upward movement are viewed as the range between 823 and 831 materialized by maximums of December and January.
This content is for informational purposes only and is not intended to be investing advice.
