20th Jun - Wheat Holding at Long Term Support Line
20 June 2013
WEEKLY CHART – CONTINUATION:
The drop back from last year’s high has been putting pressure on the rising support line around 688.00 currently. But it is holding nicely so far – are sidelined bulls planning their next campaign?
Lower support comes from the projected channel base at 627.00, but it is uncertain if this will be tested.
DAILY CHART – Sep-13:
Range-trading has developed after earlier weakness from Nov-12 to Apr. Dips have been holding above the early Apr low, with initial resistance appearing in the mid-740s. The 762.38 38.2% recovery level also offers a barrier for bulls to overcome.
Any speculative buyers near the range base, inspired by the long term rising support line (above) have a clear and limited risk level in the 673.75 01-Apr low.
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