July KC Wheat Long

The market has made a new structure low and has become extremely oversold at this current level. Using Fib Extensions and Inversions I was able to draw a box between the 141 Extension and the 161.8 Inversion as a potential buying zone. If we can get some buyers I would see prices rallying back into the $4.40's to $4.50's range before potentially continuing a downtrend. However, the overall emotion of the market could continue taking us lower and there is no point in trying to catch a falling knife. Poor Farmers.