1 CWRS Wheat NW SK Analysis

Today I will look at the 1 CWRS Wheat Northwest Saskatchewan Daily price chart.

As you can see in the above chart, the price is below the declining 10-, 20- and 50- Day Moving Averages signalling a short-term downtrend.

The price made a new low below $12 before buyers stepped in at 11.50 this week, providing support.

The long-term uptrend remains intact above the rising 200 DMA.

However, the price closed the year below the 50 DMA for the first time since spring of 2021.

I see potential support in the $10-10.75 region.

Keep an eye on the 200 DMA as buyers often step in for a bounce or reversal.

I wrote about my Hard Red Spring Wheat March Futures Sell Signal on January 3rd, which is considered a sell signal for 1 CWRS.