S&P GSCI Wheat Index: Looking friendly


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