Wheat: Buy Sell or Hold?

Here is a chart that I think is worth bringing up simply to show that trendlines matter. They matter big time. This is a weekly bar chart of Wheat going back to the lows in early 2005. Prices were literally crashing in December and into January. But then out of no where, we got a killer rally.

When prices come down to significant levels like this, I think it’s worth paying attention to. But we can’t just buy something blindly. What’s going on in the short-term? In this case, prices were simultaneously putting in false breakdowns and bullish momentum divergences on the daily chart in early February:  (more)
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