Closed Trade Alert: WEAT (+58%) - The Forecast

Closed Trade Alert: WEAT (+58%)

Closed Trade Alert: WEAT (+58%)

Closed Trade Alert: WEAT +58%

Stiff resistance lies at $9.45 for WEAT. A brief spike above is possible but with our early March peak projected shortly, resistance may hold. Many additional commodities like oil, palladium, and precious metals are forming 1-2 month blow-off tops between today and late next week. Natural gas has potential to extend its rally for a few more weeks and retest prior highs from last October. As a general rule, war and geopolitical commodity price spikes are brief in nature. Capital should flee Europe and pour into US dollar denominated assets like the US major equity indexes in the coming days. As a result of the conflict, the Fed may also ease its plan to raise rates – another bullish development for the market.

Commodity Resistance Levels:

Natural Gas: $6.00

Gold: $2000

Silver: $25.60

Palladium: $2600

Crude Oil: $100

Wheat: $9.45