Chicago Wheat

 ZWH24

Chicago often leads the other wheat markets.

This article is published on Barchart.com.

Please give me a follow, it helps with the algorithms.

Here is a Free 30- Day Trial

Chicago Wheat has been in a downtrend since peaking in March 2022.  

The recent downtrend bottomed in September and battled the blue Anchored Volume-Weighted Average Price  (AVWAP) from the August 2016 low.

Previous resistance often acts as support, and the blue VWAP has brought in buyers this month.

Last Thursday, the price was back above the purple VWAP from the September 2023 low, providing a reason to feel good about prices.

Our yellow trendlines appear to be forming a downward wedge pattern.  

A break above the yellow trendline could lead to a rally.

Chicago often leads the other wheat markets, so…..