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Agricultural Commodities Trading, Retreat in Wheat Does Not Look Complete

Commodities / Agricultural Commodities Aug 07, 2009 - 05:19 PM GMT

By: Seven_Days_Ahead

Commodities

Best Financial Markets Analysis ArticleThe long term Wheat chart has twice tried to overcome its 23.6% recovery level and failed. Notable weakness in June put bulls firmly on the sidelines, and there remains good potential for further shorter term losses.


The Commodity Trader’s view

MONTHLY CHART – CONTINUATION:

The long term 76.4% retracement has provided good support, but the market is currently unable to keep away from this.

But it still could provide the platform for a better medium term recovery phase in due course.

 

WEEKLY CHART – CONTINUATION:

Note how the 23.6% recovery level has thwarted two tries to trend higher.

The 455.00 Dec-08 low remains vulnerable at present.

DAILY CHART – SEP-09::

Current action remains capped by resistance from the old rising support/return line, AND the current 23.6% area (eroded intraday but not closed above).

As remarked in the Commodity Trading Guide the risk remains to the downside.

We currently keep in mind two Fibo projections, at 468 and 440 – these straddle the 455 low on the Weekly chart.

At this stage a close above the 557.50 03-Aug high would provide a s/term bull signal and delay a continuation lower.

Philip Allwright
Mark Sturdy

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

© 2009 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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