Wheat trades at low levels
Wheat has been harshly hit by the US-Sino wars on trade tariffs, keeping the price at relatively low levels. Adding more to the downfall is the new change in diet that has become a trend, as consumers are looking for gluten free products, whereas Wheat stock piles edge up as demand wan. Trapped inside a consolidated triangle form, Wheat may opt to fluctuate more inside the triangle while moving closer to the Ichimoku cloud. Entrapment inside the cloud could cause trade confusion as some indicators appear mixed. MACD has crossed in bearish manner while pointing towards a bearish confirmation whereas the long-term moving averages also crossed in the same territory, but the MA50 is showing early signs on a reversal. Wheat could climb once more to prices of $515 where a break out above the level could see it touch the upper trend line.