March Wheat traded to a new high, on the January 3rd reversal date. The new high was followed by a price decline on January 4 and early in the January 5th session, before the reversal date kicked in and triggered a 32-cent rally. The reversal rally has regained all of the previous day’s losses as well as crossed over to the strong side of the ascending median line. This price action suggests a new price advance toward the upper parallel line and a potential rally into the January 13th reversal date.
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