9 APR 2018
The near term looks particularly strong. The recent rally could very well be a serious attempt to trigger a new primary uptrend. We would like to see a move above 346 over the next days/weeks before getting on the long-side. Chances are decent, but confirmation still needed… Upside targets come in at 417.73 as a minimum.
We already have a long position in Corn (via the futures market) and are planning to enter Wheat as well with a smaller size to avoid over-exposure to the softs (which tend to be rather choppy).
- Near term trend: positive
- Long term trend: neutral/basing
- Outlook: early uptrend? positive > 346
- Strategy: long-entry > 346
- Support: 301 / 279
- Resistance: 346 / 417.73*
- Outlook cancelled/neutralized below 301
Weekly chart S&P GSCI Wheat Index