Agricultural goods are continuing an upward move at the beginning of a new week after solid US exports data released on Thursday boosted all grains. WHEAT is a top performer gaining over 2% and trades at a 7-year high. Some reports surfaced over the weekend saying that China may rely more on rice and wheat in the coming season amid high prices of corn, signalling that Chinese wheat imports may be set to increase soon.
Taking a look at WHEAT from a technical point of view, we can see that the price jumped above 127.2% exterior retracement of a recent correction today. Seasonal patterns hint that the local peak is still ahead. Should the upward move continue the nearest resistance some to watch can be found ranging between $750 and 161.8% exterior retracement.
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Source: xStation5
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