Friday, September 15, 2017 12:45 PM EDT
Late August Wheat price broke out of the bearish channel and stopped the decline from $570 to $400$. Through my twitter account @alexanderyf we noted the bullish signs that were given around $430 (December Contract) when price was breaking out of the bearish channel.
Price started to rise since then and reached $447 early in September. Again we cautioned bulls that a pull back towards $430 was imminent specially if the short-term bullish channel were to break.
It did break and price pulled back towards Kumo (cloud) support. I also noted on twitter that a reversal was close…as price was testing the 61.8% Fibonacci retracement and cloud support.
Price reversed and we reached $445-$447 area again. This is important resistance area as we saw rejections a couple of times before. Wheat is most probably back testing the broken wedge pattern….price is expected to move higher towards the $488 level where we find the 38% Fibonacci retracement in the October contract.
SUGAR
Primary wave scenario is that price is at wave 2 of 5 down.
Short-term view shows that $15.10 and $14 are key levels.
COCOA
Cocoa is at important resistance with a triangle pattern…time to wait and see.
SOYBEANOIL
Soybean oil is also at important resistance. Last time it reached this area it made a false breakout and reversal back towards the green trend line support. Will this time be different? Patience is preferred.
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