Wednesday, June 22, 2011

Update: Wheat and coffee

Coffee broke down through 253 and trading around 243.75 as warned in my previous post.

Wheat made a new low this week , and I got in around 660 but got out around 647 yesterday when it broke that low stongly with a sell of till 617 and bouncing back from the support till 631.See the daily graph below:

Below is the weekly graph of wheat:

I will wait for that support to be retested around 617 and start buying in slowly with the ultimate support around 590.It might not see those levels again, but in that case its better to see how the weekly graph will look like before entering a long position.
In case 590 is broken decisively to the downside, it can go all the way to 520, then to 400 so the stops should be executed with discipline.

1 comment:

  1. what are the instruments for wheat or other commodities in US? are they listed and traded like regular stocks or ETFs?