Wheat: Trend Down?

Wheat: Trend Down?

Wheat Chart

I wrote last time

The Medium MA is the next obvious target on the downside and the Long MA (currently 432 1A) is the next one after that. It may be likely that we will see the Medium MA taken out but the Long MA is currently sitting in some reason able support and though close, may not be that easy to ease out.

Well the Medium MA (currently 448) was taken out with a superb Key Reversal Down on the Daily Chart above.

The Long MA (currently 434)...well I thought that might hold off and it did so for about three days...but then that also broke down. Prices fell until the next major support, the April low at 398 >2 where they turned around similarly to April after a spike lower...only in April it was a Key Reversal Up on the Daily Chart whilst this time it was a KR Up on the Weekly Chart.

We have since recovered a bit but suggest we may have more to go on the upside...possibly to the Long MA acting as resistance this time.

Support is currently at 419, 413, 398, 394 and 369.

Resistance is currently at 421, 425, 431, 434 (dynamic), 441 and 448 (dynamic).

The bullet point moves into mildly bearish as the action hasn't moved all the MAs lower.

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