Klarenbach Grain Report Chart of the Day

CBOT SRW Wheat

Several reasons for this ugly daily candle.  

A reversal candle, by my definition.

Likely some shorts got squeezed.

Technically, selling at resistance is a common, effective strategy.  

Look for a 1-4 day pullback and reassess.

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Trent Klarenbach, BSA AgEc, PAg, publishes the Klarenbach Grain Report,  Klarenbach Special Crops Report, The Daily Board and The Daily Kernel newsletters.                                                                                                                                                                                                                                                                                                                                                                                                   

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Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.