Wheat often makes seasonal lows in early June. Double bottom posted on 20/05/13 and 17/06/13. A Break of the middle leg of the M confirms the buy with projection to 740.0 level. If 740.0 resistance is penetrated we could see 810.0.
The price of wheat is currently resting on the purple line of the last upward fan with the 1/1 grey line from the last downward fan just ahead and strong volume. I suspect a break is coming soon.
Symmetrical triangle is an ideal fourth wave. That's the theory. A practice? I'll wait for breakout.
Wheat often makes seasonal lows in early June. It seems is coming out from a tight consolidation around the 700.0 level (20EMA). Target would be 739.0 at the median line, also late march high - possible resistance.
After dropping 30% the price has consolidate, see full analysis at www.investazor.com
After 28Mar USDA crop report the price has retraced to the 20EMA and 0.618Fib level. If 20EMA resistance holds the price is poised to move back to the 1/1 Gann line. Wheat is a sell if it trades below 6930 with target 6350, approx end of the month.
need to hold angle a looks it have target on c,,,
Bear flag formed recently. Price should fall for 2-3 days to another support area as indicated in the chart!
Looks lower to me, its at the lower BB so might bounce a little, but I wouldnt recommend catching falling knives like that.
The news coming from wheat producers are not that good. Australia and Argentine lowered their expectations.