The chart is pretty clear, if we look at the previous wedges we see that they finished with an intense breakout. A wedge has been on its way for nearly 3 years and the current phase in yellow rectangle is similar to the 2010 price action: touch of upper trend then a decay with resistance in the middle of the wedge before the breakout.
Note the long term supportive area under 430.
Will it happen again or not? Of course I don't know, and to be honest the fundamentals are not really pointing towards a bullish price with higher crops, pressure on prices and increasing stocks.
agrimoney.com/news/us-corn-wheat-stocks-to-grow---but-soy-supplies-to-ease--9355.html
Note the long term supportive area under 430.
Will it happen again or not? Of course I don't know, and to be honest the fundamentals are not really pointing towards a bullish price with higher crops, pressure on prices and increasing stocks.
agrimoney.com/news/us-corn-wheat-stocks-to-grow---but-soy-supplies-to-ease--9355.html
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.