There is divergence between price and oscillators such as Bollinger Band %B, Accumulation/Distribution AD%, RSI, DMI, and MACD. Price has also retested a point of control level just shy of 1400’ after attempting a significant drop down to 1100’. The red circle highlights that the lower BB has curled up after an up move in price suggesting the up move in price is over. The main support is the 20-day SMA which appears to have been the reason for the most recent move up. There is room for significant downside. Natural gas prices have collapsed and there has been ample rain in the US as of late. Looking for day trade short entries and setting a stop at B/E asap is probably a good approach. Will be watching this tonight (Sunday night 6/9/23).
Additional notes:
Wheat has an epic H&S with retest of neckline
Corn is putting in new 2-year lows
wheat has a 50% drop from its peak
corn has a 40% drop from its peak
soybeans have a 25% drop from their peak (it may have some catching up to do)
Additional notes:
Wheat has an epic H&S with retest of neckline
Corn is putting in new 2-year lows
wheat has a 50% drop from its peak
corn has a 40% drop from its peak
soybeans have a 25% drop from their peak (it may have some catching up to do)