Not So Thin Wheat: March Wheat Futures

John LunneyGeneral Commentary

March Wheat

     We are now seeing the first signs of life in the March Wheat futures in my opinion. Although labeling this recent rally as impulsive seems premature a potential base may have been established. The daily candle structure from the lows appearing to be an inverted hanging man marked the extreme at 410.5 and in today’s session the contract posted a spirited 5.75 thrust coming off the hourly channel line to close at 428. The market’s first hurdle lies just overhead between 429.5 and 430.5. A hold above hear would be impressive. Should the market come off this point in order to  keep me in my bullish mindset it will have to hold above 423.5. My first overhead projection zone comes in at +/-453. Extended target rests at +/-509. To further support my stance the long term cycle studies of the volatility market would suggest change of course. The last seven rising volatility landscapes have seen an average advance in the underlying of roughly 80 cents.

My analytical breakdown focuses on a blend of wave pattern recognition, long and short term geometrical extensions and momentum signal interpretation. I welcome you to contact me at Walsh Trading to discuss my assessment of this and any other market.