WHEAT Struggling on the 1D MA200. Long-term sell opportunity.

Wheat (ZW1!) has been trading within a Channel Down pattern since July 2022 and since early December has failed repeatedly to detach itself above the 1D MA200 (orange trend-line). Since it is closer to the top (Lower Highs trend-line) of the pattern and it resembles the February 14 High, we expect a strong selling sequence if the price breaks below the 1D MA50 (blue trend-line).

The previous Lower Low was priced on the 1.786 Fibonacci extension from the Lower High. That gives us a projected target of 413'0.

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