Thursday, October 21, 2010

Soft Commodity Technicals by Reuters

SINGAPORE, Oct 21 (Reuters) – CBOT December wheat <WZ0> is technically neutral between $6.73 and $6.93, with an escape from the range needed to determine its next directional move.

But the trend could still be down, as a descending channel is still intact, and the rise from $6.43-½   to $7.39-¾   is labeled as an “a-b-c” wave mode, with an indication that the current fall would eventually drive the price below the Oct. 14 low at $6.43-1/2.

A fall below $6.73 would confirm the resumption of the downtrend, while a rise above $6.93 would find an upper channel line resistance at $6.99.

(Reuters) – A bullish target of 29.93 cents per lb for New York sugar <SBc1> has been aborted as both its wave pattern and the RSI indicator are implying the rally is approaching an end.>>>>>>>>>>>>> More

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