Thursday, July 8, 2010

Wheat pulling back tomorrow...

Wheat had another nice upday, but I feel like a slight pull back is still in order.  Lets take a look at the chart.




 

Volume has recently higher than the norm, showing increased interest in the market on this ag.  This, in combination with the overbought levels of 76 on the RSI, solidify my predicitions of a minor pull back to the previous levels of resistance.  After that, sky could be the limit. 

-Krames

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