Wheat - Possible Sharp Move Higher In the Cards

After breaking out of its wedge consolidation, wheat has struggled to move further in the direction of its break higher.

Today was one of the first signs that it may want to work higher as it managed to find some resting support off the 50 period moving average.

With this new formation I am going to initiate a 50% long position in wheat with a tight stop loss just below the 50 day moving average.