Support and Resistance Trading Forum

Re: September Wheat *PIC*
By:Alan C.
Date: 7/17/2009, 7:08 pm
In Response To: Re: September Wheat *PIC* (Alan C.)

Sep Wheat's recent rally has been stalled all week by resistance near the 6/30 close, but bullish sentiment seems to be prevailing, as RSI broke through a "significant" downtrend line today (Friday). It is now up against the RSI trend line corresponding to the price level that is providing current resistance. However, today's RSI trend line break-through, in my opinion, completes a double buy signal, since there has been no sell signal (drop through the recent up trend line). Therefore, I will not be surprised if price breaks through to the upside next week.

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