NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Mon Dec 10, 2012 07:55 AM CST

Watching the Chicago wheat market lately has been akin to the proverbial watching paint dry as the more active March contract continued to slowly grind lower. However, a look at its weekly chart shows the contract has found a base of support dating back to mid-March near the $8.50 level. This price marks the 33% retracement level of the previous uptrend from the low of $6.52 posted in mid-May through the high of $9.48 1/2 hit in early August. In regards to the low, notice that this occurred as the market established a bullish key reversal (moved to a new ...

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