Have a look at MGE monthly Wheat chart.
[URL="http://futures.tradingcharts.com/chart/MW/M?anticache=1391286188"]Monthly HRSW chart[/URL]
It would look to me, that MGE wheat has hit a major long term support line, with the action this month.
Being that if you drew a line through the close on Apr 2005, and Mar 2010, it would end up right at the close of Jan 2014!
I don't have a package to draw that up and post it, but perhaps someone else here can.
Will we continue down through that support line or was the action on Fri(up 3-4cents) a sign we finally hit bottom?
[URL="http://futures.tradingcharts.com/chart/MW/M?anticache=1391286188"]Monthly HRSW chart[/URL]
It would look to me, that MGE wheat has hit a major long term support line, with the action this month.
Being that if you drew a line through the close on Apr 2005, and Mar 2010, it would end up right at the close of Jan 2014!
I don't have a package to draw that up and post it, but perhaps someone else here can.
Will we continue down through that support line or was the action on Fri(up 3-4cents) a sign we finally hit bottom?