S&P GSCI Wheat Index: Looking friendly

9 APR 2018

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8 FEB 2018

The market is attempting to set a solid base in order to trigger some sort of recovery. Thus far buyers haven’t flexed their muscles, although the undertone is improving somewhat. Still waiting for conviction…

  • Trend: neutral/basing
  • Outlook: start of new uptrend with volatile trading
  • Support: 4.08 / 4.06 / 3.805
  • Resistance: 4.909 / 6.31*

Weekly chart Wheat:

1 DEC 2017

Prices must hold above the key support area 4.08 in order to keep the bulls in play. The recent V-shapes decline occurs frequently at important market troughs, so we still expect an upmove over the coming months. Again, support must hold!

  • Trend: neutral/basing
  • Outlook: start of new uptrend with volatile trading
  • Support: 4.08 / 4.06 / 3.805
  • Resistance: 4.909 / 6.31*

Weekly chart Wheat:

3 OCT 2017

Prices must hold above the key support area 4.08 in order to keep the bulls in play. The recent V-shapes decline occurs frequently at important market troughs, so we still expect a major upmove over the coming months. Again, support must hold!

  • Trend: neutral/basing
  • Outlook: start of new uptrend with volatile trading
  • Support: 4.08 / 4.06 / 3.805
  • Resistance: 4.909 / 6.31*

Weekly chart Wheat: