Wheat futures are trying to recover from its 3 month fall. For the past 2-3 weeks, the buyers have defended the 520 level valiantly and 520 has become the low of Wheat’s 3 month fall. Buyers have also succeeded in pushing prices higher. (wheat now at 557, up 30+ points from 520)
Despite the recent success of the bulls / buyers, the overall trend is still down and the next resistance lies close by at 580. If you refer to the attached weekly chart, you will see a red horizontal line that marks where 580 is. You will also notice that the 580 level has acted as both support and resistance multiple times, going all the way back to 2009.
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Until 580 (and 600, the next significant resistance level) are taken out, the medium term trend remains down.