Wheat ETF Prices Breaking Higher On Fresh Buying Interest
Mike Macdonald | Dec 01, 2014 01:39AM ET
Prices of the Teucrium Wheat ETF (NYSE:WEAT) are breaking higher in fresh buying interest, with the focus now turning to congestion around USD13.00. Overbought daily studies suggest the possibility of consolidation around here, but improving weekly and monthly studies see still higher levels in the coming weeks. A break will open up the USD13.30, (38.2%) retracement of the May-October fall, with USD13.49 thereafter. Support into limited losses is down to USD12.00. An unexpected break of here will delay gains, and signal a prolonged consolidation phase, supported at the USD11.67 low of 20 November.
Investors are long.
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