I made this on the request of someone who shorted WEAT.
WEAT, like other commodities oil & gold, is still trying to BO of a triangle. Watch carefully which direction is breaks.
Although I think the Ukraine crisis is far from over, WEAT may still have some room to retrace specially when inflation takes a breather before continuing upwards. WEAT so far retraced FIB 50%, the next 2 supports are the 61.8% & 78.6%( less likely).
Zooming out to see the big picture, WEAT has yet to reach a higher 68.8% FIBO from top to bottom.
Just maybe in the long term, WEAT is going up to complete the neck of a CUP formation. With rising inflation coupled with supply crisis, I think there is still more upside.
Not trading advice
WEAT, like other commodities oil & gold, is still trying to BO of a triangle. Watch carefully which direction is breaks.
Although I think the Ukraine crisis is far from over, WEAT may still have some room to retrace specially when inflation takes a breather before continuing upwards. WEAT so far retraced FIB 50%, the next 2 supports are the 61.8% & 78.6%( less likely).
Zooming out to see the big picture, WEAT has yet to reach a higher 68.8% FIBO from top to bottom.
Just maybe in the long term, WEAT is going up to complete the neck of a CUP formation. With rising inflation coupled with supply crisis, I think there is still more upside.
Not trading advice