Wheat: Trend Down?
Eddie Tofpik | Dec 04, 2017 06:30
I do love a good Channel (it's the symmetry of it) and the Bearish one we've found ourselves within since September, and which I have previously highlighted, is a good one. We have this past month travelled along and below the recent 50% Fib (currently 428¾) and though we've ventured above it we have not had two consecutive closes over...only underneath. The most recent action last Thursday was almost a Key Reversal Down...we matched the high instead of exceeding it. A gradual erosion towards the 400 seems likely and I've left the bullet point above as mildly Bearish as the Long MA is still travelling sideways though all others have turned lower. Support is currently at 412½ , 407¾, 405, 400, 394½, 391½ , 385 and 369½. Resistance is currently at 417 420¾ (dynamic), 428¾, 434¾, 436¾ , 437¾ (dynamic) and 439 (dynamic).
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