Best Financial Markets Analysis Article Price action in Wheat was relatively subdued earlier this year, main interest being long term chart support that had continued to hold. Initial bull signals in July were quickly followed by an impressive surge higher, but a temporary retracement is now in process.

The Commodity Specialist view

MONTHLY CONTINUATION CHART:

The collapse in Wheat prices put pressure on the 76.4% retracement of the whole19909-2008 upmove.

But good support from the lower 434 2002 high has held nicely.

WEEKLY CONTINUATION CHART:

This chart has, phoenix-like, come to life, violating certain obvious resistances - in particular the 38.2% area and former 730/740 lows.

Here, the former Nov-09 583.50 high offers next interesting support for the current setback.

In the event of another surge our focus would be on prior 952.75/961.75 highs and the 987.00 61.8% recovery level.

The interest is as much in this longer term chart as it is in the Daily chart now.

Mark Sturdy
John Lewis

Seven Days Ahead
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