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Wheat Commodity Price Tries To Find Support Once More

Commodities / Agricultural Commodities Jun 25, 2010 - 04:45 AM GMT

By: Seven_Days_Ahead

Commodities

Best Financial Markets Analysis ArticleWheat is again trying to find support, with the 2009 low having held the latest slide. We are currently waiting to see if certain bull triggers can be activated.


The Commodity Specialist view

WHEAT MONTHLY CHART - CONTINUATION:

After the collapse in prices in 2008 the downmove slowed after testing the 76.4% retracement of the whole 1999-2008 upmove, also finding support from the lower 434 2002 high.

Currently the 2009 low is holding, but initial bull signals are not yet in place.

WHEAT DAILY CHART – SEP-10:

With support on the long term chart in mind (tested and held so far) on the front month chart the first hurdle that bulls need to break through is the 23.6% recovery level around 490.00.

Following this the bear channel top projection, at 507.00 currently, must be overcome.

The momentum then starts shifting in favour of the bulls, and subsequent pullbacks would more likely become temporary ahead of further upside activity.

Meanwhile, in the Commodity Specialist Guide we hold a sidelined stance.

Mark Sturdy
John Lewis

Seven Days Ahead
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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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