CBoT wheat daily
The daily MAY17 chart shows that price has been under control of a long term descending resistance trend line that started during the 2nd half of July 2016 which was broken by price to the upside on January 5.
From there on price traded an ascending channel which has its origin at the 406 level on December 23 and offered support to price on January 30 and on February 7. Price has now again arrived at same supportive ascending line which should offer immediate support from Monday’s session onward.
The ascending line starts at 445 on Monday and ends at 450 by the end of the week. We will allow price to pierce through same support but we do not want to see price trading below 427 in which case we will have to reconsider our bias.
From there on price traded an ascending channel which has its origin at the 406 level on December 23 and offered support to price on January 30 and on February 7. Price has now again arrived at same supportive ascending line which should offer immediate support from Monday’s session onward.
The ascending line starts at 445 on Monday and ends at 450 by the end of the week. We will allow price to pierce through same support but we do not want to see price trading below 427 in which case we will have to reconsider our bias.
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