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Wheat

  • 14-09-2009 7:48am
    #1
    makfli
    Registered Users, Registered Users 2 Posts: 157 ✭✭


    Thinking of going long on the December Wheat contract. 2 reasons, charts showing some buy signals and close to a 2 year low. Plus I think the contracts are bought and sold in US dollars thus if the view is the dollar weakens further, this should positively affect the price ?


Comments

  • #2
    ixus
    Registered Users, Registered Users 2 Posts: 2,435 ✭✭✭ixus


    I posted this back in June and wheat continued to go lower.

    What are your buy signals? I just looked at the monthly, weekly and daily charts on the CBOT and they are all strongly downtrending. A small spike in the last week but, it certainly doesn't look like the start of a trend as of yet. I could be wrong of course.

    Also, something to consider, is that this asset didn't rise along with other assets. What are the factors behind this? Oversupply?


  • #3
    makfli
    Registered Users, Registered Users 2 Posts: 157 ✭✭makfli


    Had another look and think your right. Will wait and see what happens.


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