Friday, October 15, 2010

Wheat Analysis from Reuters

SINGAPORE, Oct 15 (Reuters) - The CBOT wheat December contract <WZ0> may establish a trend soon, as the current consolidation is approaching an end.

A descending wedge may contract to a point above $6.88-1/2, the 61.8 percent Fibonacci retracement level on the rise from $6.57 to $7.39-3/4.

It is not strategically safe to assume a bullish move right now even if the bias is for a rise, as a resistance at $7.12 needs to be cleared to confirm the development of an uptrend.

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