CBoT wheat has a confirmed bottom and a long play is valid

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This price chart is showing us TA straight from the text books with an, almost violent, test back down of the support, a repeated and strong knock on the door of resistance at 415 after, eventually, price broke up through its resistance during Friday's session. The long topping tail of Friday's candle is probably a sign that bulls needed a bit of breath after their rally run of Thursday and Friday but it could also be the bode of a bull trap so caution is to be added to caution and disciplined stops have to placed solidly and remain untouched (except for trailing up, obviously). Actually, quite an exciting development of this price during the past week with a confirmation of our call for a bottom and much more upward potential for the future.
Our first target for this price is 450/460 for the end of the coming week or, possibly, the week after.
Our pivotal support level is now 395 and if price would break that low we will have to redo our homework and go back to our drawing board. It is always a good policy to trail up your stop (never down - in bull move that is) and it is worth remembering that taking profit on (a part of) your position won't make you any poorer.
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