Wheat: Bottoms Up and Trend Reversing?

  • Post author:

Wheat looks like have found a bottom between 390-400 after forming a Multiple Bottom, a trend reversal pattern.

Currently Wheat is trading within an up trend channel, and also forming a “Higher High, Higher Low” up trend pattern. Expect Wheat continue to move up to 1.618% Fibonacci Expansion target of about 511.6.

Yummy on the Potential Upside vs Down Side Risk. Attractive Reward Risk Ratio!

In order to confirm a long term trend reversal, Wheat has to break the 600 resistance.

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Singapore Dollar Hit All Time High against Malaysian Ringgit!

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SGD / MYR has broken the recent resistance Ascending Triangle at about 3.1452 and moving towards 3.2418 (161.8% Fibonacci Expansion Target), after finding a support at 61.8% Fibonacci Retracement Level at 3.0855.

  • Trend: Up
  • 1st Price Target = 3.20 (Price target after breaking out from Ascending Triangle)
  • 2nd Price Target = 3.2418 (161.8% Fibonacci Expansion Target)

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