WHEAT has since come roaring back and the smell of blood left in the wake of short covering still lingers in the air. My newbie hunch is that we will initially go up and test the neckline. There will be some posturing by the stubborn bears but eventually it will cave under pressure exerted by the bulls. I believe we will retest the high. SUGAR indeed plunged below the neckline. It's currently retracing back up to the neckline where I believe it will once again reverse and resume the downtrend. Consult the chart in the previous post. You will note that both COCOA and COFFEE are poised to make the right shoulder of the H&S. As a matter of fact, it looks eerily similar to the move already made by WHEAT. My view is that we make the right shoulder and sell off.
========== Good points; most all the longer term charts are bullish/ uptrending 50 day moving average is bearish/still downtrending, 60 day price are still bearish/still downternding. Still bearish for those time frames. Not a prediction; just probabilities
***Corn, Wheat and Soybeans are all in a "holding" horizontal pattern ahead of This Thursdays HUGE crop announcement ***for Sugar, 26.00 is proving to be HUGE support...probably will follow Grains lead...
============== local; Nice trend remark on 2-22-beans Not a prediction, because the long term trends of beans[wheat,corn, +alternative grains] are still strongly uptrending.Beans still below 50 day moving average. murray TT As far as medium term /short term trends, [beans, corn, wheat +alternative grains], personally, i wish to see all of those short /medium term trends turn bearish. But those[my] fundamental desires take time to show down on price data. Dont trade only off fundamental desires myself, but like the man who shorted Citicorp said, eventually those win [medium term trends].Long term, all those mentioned [except Citicorp]; have strong uptrends.