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Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Mon Dec 2, 2013 09:07 AM CST

As December gets under way the Chicago wheat market seems content to move sideways. However, the not too distant futures could see major (long-term) momentum indicators swing to a more bullish outlook. If so that would mean the recent low of $6.35 1/2 (August 2013) should hold.

You may have to take a close look at the monthly chart for Chicago wheat, particularly if your eyes are as bad as mine. You will notice that the more active contract has been holding between support near $7.00 1/2 and 6.24 3/4, prices that mark the 50% and 61.8% retracement levels of ...

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