Thursday, September 30, 2010

Wheat Technicals from Reuters

SINGAPORE, Sept 30 (Reuters) - The CBOT wheat December contract is expected to rebound slightly to $7.00 per bushel as a pullback to the lower trendline of a triangle. 

A long-shadowed hammer formed on its daily candlestick chart, after wheat briefly rose past a projected level at $6.67, likely providing a temporary support to hold up the slide. 

Support is at $6.69, a fall below which would indicate a resumption of the bear trend. A further decline below $6.63-¼    would open the way towards $6.27.

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