Wheat ZW 09-18
Price about try another attempt to retest / breakout upper channel trend line.
Watch 580 / 600 resistance
Breakout towards 600/30
Short opportunity on fail towards 540/30/10
Price declined towards rising trend line, from here we can see either further decline towards 530/10 or another attempt to challenge 560/80 resistance.
Watch action around that trend line
21th Next leg down
Price break thru rising trend line and reach 530 August lows
Some chances for rebound here but more likely slide lower.
Update 22th August
530 price mark worked out like a magnet, dip under but rally back however didn’t hold for long.
Right now good point is to watch bottom as potential reversal H&S pattern can be forming (mark blue on chart) giving opportunity for buy with target 540 / test down trend line
Decline from 530 will extend sell off towards 510
September contracts for 24th at 516 price, close to last target but not quite there. Right now will be moving to December contracts and look for trade opportunity in new set.
Technical Supports and resistances: