March and May wheat appear to be building a head and shoulders. RSI is moving down and wheat crossed and stayed below the 20 day MA today. Neckline is at 460. We may get another bull move before a possible neckline break. Be warry of another bull move out of head and shoulders. Head comes in at 479 for May. If H&S happens, minimum fall expected to be 448'6.
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Wheat up today, but still within the H&S. Tomorrow we should see if we get further buying or a drop to finalize an H&S.
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Wheat H&S destroyed on major bullish move to R3. We will be getting new pivots in tomorrow and all will ramp upwards. R3 will become R2 with more room for the upside. RSI becoming overbought.