Wheat Headed Lower
Eddie Tofpik | Dec 09, 2015 10:39
This month has one word written on it… or rather one answer to a question written on it. The question was posed last month – is the pattern since Jul a Reverse H+S…answer is…FAILED! Simple as that! It was answered, as I had hoped. Within the 1st week of Nov instead of wheat prices trying to break up over the Neckline they chose to ignore it and we had a big move down – just to emphasise it – plus made new recent lows! All MAs now point lower and we have a Dead Cross of the Medium MA down through the Short/Medium MA.
We are also below the Middle Tines of the Dec 2014 – Jul 2015 (currently 477) & May 2014 – Dec 2014 (currently 472) Schiff Pitchforks, these now act as resistance. Topside we have a new nearby 50% Fib at 491, only consecutive closes over that would tempt me to place the bullet point into neutral.
With all this and despite the rally back up last Thursday & Friday, I feel obliged to place the bullet point above into mildly bearish. Further support is at 455, 440, 425 & 412. Further resistance is at 481, 497 – 500, 510, 514, 530 & key at 533.
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