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Commodity Trading Discussion Forum

Wheat (W, CBOT) : A Pullback is Imminent

Posted By: Qindex
Date: Saturday, 10 May 2008, at 9:16 p.m.

Wheat (W, CBOT) : A Pullback is Imminent

Normal Lower Limits : 677.75 - 692.75 - 704.00
Lower Mid-Point References : 772.50 - 778.25 - 809.75*
Weekly Cycle Pivot Center : (852.00) - (879.00) - (915.50)
Upper Mid-Point References : 931.75 - 979.75 - 1021.50*
Normal Upper Limits : 1011.50 - 1080.25 - 1127.25*

Weekly Cycle Congested Area : 552.75 - 673.75 - (794.50* - 915.50 - 1036.50*) - 1157.50 - 1275.50

Remarks : The market is under pressure when it is below the weekly cycle pivot center at (852.00). The weekly cycle mid-point references at 772.50 - 778.25 - 809.75* would serve as short term supporting and resistant points. However the odds are in favor of taking a long position when the market is challenging the weekly cycle lower normal limits at 677.75 - 692.75 - 704.00. As shown in the patterns of monthly cycle charts the market has a tendency to trade between 669.25 - 868.75. Projected supporting points are positioning at 666.75 and 765.50.

Wheat : Monthly Cycle Charts
http://www.qindex.com/wheat.html
Albert Cheung (Ph.D.)

Wheat : Monthly Cycle Charts

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