18 November 2012

Wheat : Look Out for Reverse Periscope

  • Daily : 4 month long rectangle consolidation, mostly between 850-900. Be on the alert for a sudden large drop (long red candle) = range breakout.
  • Monthly & Weekly : Looks like upside breakout failure and headed lower back to trading within old ranges below. Speed of the near vertical rise from 614 to 945 in 5 short weeks suggests that the reverse move could be equally sharp.

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