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CBoT wheat

CBoT wheat

WHEAT FUTURES - ECBT CBOT:ZWU2016

Wheat:
Price has performed a 'Bullish Engulfing' last week which usually is a reliable reversal pattern although it need reconfirmation. Price also settled above the short term resistance level last Friday which gives the BE more credibility. We expect price to make a swing up from here to the 450/460 zone where we expect price to reverse for a 15% move to the downside and which would actually offer a short play opportunity.