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From : Commodities Daily Hotline: 6 March 2015
Chart of the day: Wheat renews downtrend

 

The Wheat instrument encountered resistance at the 50-day moving average, near 550, mid-February.  After a brief pause near the September floor (489.25), the price has renewed the downtrend to new contract lows.  The fall under that level has triggered the opening of a short trade (see hotline for 3 March).  The stop is placed at 550 for the time being.

 






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