Wheat:
Price made an almost 2% corrective move down during the past week after its strong 5% swing up of the week before that.
We have put a first supportive level at 413 in the chart which was tested twice during the past week and which we would not like to see broken on basis of EOD. We should, however, not be stunned if same support will be penetrated during Monday's and/or Tuesday's trading sessions and even a close below same supportive level will not change our bull scenario as long as our pivotal support at 395 remains unbroken.
The upper ascending trend line has been broken to the upside and is now being tested back as support which we expect to hold with, as mentioned before, a possible penetration during one of the sessions early in the week.
Our bottom line outlook is to the upside with significantly higher prices ahead.
Price made an almost 2% corrective move down during the past week after its strong 5% swing up of the week before that.
We have put a first supportive level at 413 in the chart which was tested twice during the past week and which we would not like to see broken on basis of EOD. We should, however, not be stunned if same support will be penetrated during Monday's and/or Tuesday's trading sessions and even a close below same supportive level will not change our bull scenario as long as our pivotal support at 395 remains unbroken.
The upper ascending trend line has been broken to the upside and is now being tested back as support which we expect to hold with, as mentioned before, a possible penetration during one of the sessions early in the week.
Our bottom line outlook is to the upside with significantly higher prices ahead.