Remko

CBoT wheat still waiting for the bottom

CBOT:ZWZ2016   WHEAT FUTURES - ECBT
29 0 1
Wheat:
Price has not really been following our preferred path very precisely lately and has been knocking on the doors of the various resistances repeatedly, especially during the past week. Still, the price action as such during the past 3 weeks does not have anything of an impulse and price shyly tried but failed to trade higher. We still believe that price needs to make one more impulsive move to the downside and we keep our bear bias unchanged as such. We currently see a typical 'bear-flag-pattern' develop which would require price to start trading down from Monday or Tuesday onwards immediately and which would guide price to the 370/360 level by first week of October.
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