Remko

CBoT wheat close to a bottom but not there yet

CBOT:ZWZ2016   WHEAT FUTURES - ECBT
20 0 0
Wheat:
Nothing much to add to our last week's outlook on this chart and price has been following our preferred route quite precisely. Price is now approaching the descending resistance trend line at 407 Monday and at 406 Tuesday with an additional and crucial resistance at 411. As long as price does not break the 411 mark to the upside we maintain our bear bias and do not yet call for a bottom in this market. We are close, however.
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