Hard Red Winter Wheat: Medium term Sideways Signal.
Hard Red Winter Wheat is trading within a Descending Triangle on 1M (RSI = 40.777, MACD = -11.870, Highs/Lows = -63.0357). This month has rebounded on the 382 1W Support marking the 3rd time it bounced on that level since May, practically making a technical Triple Bottom.
As seen on the chart it appears to be replicating the July 2018 - January 2019 pattern, when then price after a Lower High within the 1M Descending Triangle, it declined and consolidated before eventually making the bottom on the 382 1W Support.
As a result we have calculated a trading range within 382 - 417 that may last until late November. This can be a very profitable medium term scalp opportunity.
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As seen on the chart it appears to be replicating the July 2018 - January 2019 pattern, when then price after a Lower High within the 1M Descending Triangle, it declined and consolidated before eventually making the bottom on the 382 1W Support.
As a result we have calculated a trading range within 382 - 417 that may last until late November. This can be a very profitable medium term scalp opportunity.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial