albert.callisto
Long

Wheat - Succession of triangles/wedges, history repeating?

CBOT:ZW1!   WHEAT FUTURES - ECBT
77 0 5
The chart is pretty clear, if we look at the previous wedges we see that they finished with an intense breakout. A wedge has been on its way for nearly 3 years and the current phase in yellow rectangle is similar to the 2010 price action: touch of upper trend then a decay with resistance in the middle of the wedge before the breakout.

Note the long term supportive area under 430.

Will it happen again or not? Of course I don't know, and to be honest the fundamentals are not really pointing towards a bullish price with higher crops, pressure on prices and increasing stocks .

http://www.agrimoney.com/news/us-corn-wheat-stocks-to-grow---but-soy-supplies-to-ease--9355.html

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