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Wheat Headed Lower

By Eddie TofpikCommoditiesDec 09, 2015 10:39
uk.investing.com/analysis/corn-headed-higher-5460
Wheat Headed Lower
By Eddie Tofpik   |  Dec 09, 2015 10:39
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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.

Wheat Daily Chart
Wheat Daily Chart

ADM Investor Services International Limited is authorised and regulated by The Financial Conduct Authority. Member of The London Stock Exchange. Registered office: 4th Floor Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT. Registered in England No. 2547805 a subsidiary of Archer Daniels Midland Company. Risk Warning: Investments in Equities, CFDs, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value, investors should therefore be aware that they may not realise the initial amount invested, and indeed may incur additional liabilities.

These Investments may entail above average financial risk of loss, and investors should therefore carefully consider whether their financial circumstances and investment experience permit them to invest and, if necessary, seek the advice of an independent Financial Advisor. Some services described are not available to certain customers due to regulatory constraints either in the United Kingdom or elsewhere. © 2014 ADM Investor Services International Limited 2014.

Wheat Headed Lower
 

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Wheat Headed Lower

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Disclaimer: ADM Investor Services International Limited is authorised and regulated by The Financial Conduct Authority. Member of The London Stock Exchange. Registered office: 4th Floor Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT. Registered in England No. 2547805 a subsidiary of Archer Daniels Midland Company. Risk Warning: Investments in Equities, CFDs, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value, investors should therefore be aware that they may not realise the initial amount invested, and indeed may incur additional liabilities. These Investments may entail above average financial risk of loss, and investors should therefore carefully consider whether their financial circumstances and investment experience permit them to invest and, if necessary, seek the advice of an independent Financial Advisor. Some services described are not available to certain customers due to regulatory constraints either in the United Kingdom or elsewhere. © 2014 ADM Investor Services International Limited 2014.
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