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Tidbits, Merchandiser's Advice, Key Reversal, Canada and China 8/28/24

Tidbits


Soft red winter wheat made a key reversal yesterday, which occurs when the price of a stock or commodity makes a new low and closes higher than the previous day’s high. It can also be made on weekly charts and a key reversal on a weekly chart is considered a more reliable trend change indicator.

 

A key reversal was a respected technical indicator of trend change until 2023 and 2024. Corn, wheat, and beans have had multiple key reversals the past 14 months. But someday, things will return to normal. Maybe today was the day. Wheat does make its seasonal low in late August or early September.

 

Here are two graphs of recent key reversals on corn:

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