Wheat for Breakfast

• Posted by Greg Harmon
• on November 21st, 2014

The chart for wheat has looked like many commodity charts lately. Promising but in the end not delivering. Maybe it is the weather interfering with the harvest maybe it is just a seasonal thing, or maybe, just maybe there are sharks scaring farmers and consumers out of the Wheat field.

The two triangles constitute a bearish Shark harmonic in the weekly chart of Wheat ($ZW_F, $WEAT). A move above the current 560 level will confirm it as a Shark and then give a Potential Reversal Zone (PRZ) I at 718 and PRZ II at 773 above that. With the RSI trying to push into the bullish zone and the MACD rising it could cross that threshold fast. Keep an eye on Wheat.

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