Commodities wheat is the market leader of all soft commodities, wheat is used as an ingredient for most type of food process. Wheat is consumed and remain the important food source of most geographic location of the western and eastern region.
Base on Technical Analysis (TA)
All time high in year 2008 is 1380 (est), year 2016 low is around 380 (est).
It is observed there are 3 important classical support illustrated in blue color lines, black color downtrend line connects with the lower band blue color classical support line form a descending triangle chart formation, it had since broken out of downtrend line testing the black color downtrend line previous resistance as support. Purple color lines illustrated refer to double bottom chart formation. it should retest 2012 high estimate around 1000 price level to fulfill price channel movement.
Weat Monthly Chart
Weat Monthly Chart
Disclaimer: All news, information and charts shared is purely by my research and personal views only. This is not a trading recommendation or advice but on the basis of sharing information and educating the investment community. Different traders and investors adopt different trading strategies and risk management approach hence if in doubt please approach or seek clarifications with your Financial Adviser, Broker and Banker.
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