(March 25, 2002) WHEAT: The daily trend in Wheat remains bearish but price has begun to recover somewhat. The weekly chart of Wheat shows the next major level of resistance rests at $2.95. If prices manage to rally to this level we need to be prepared to enter the market short. For the moment I find it difficult to recommend a long trade (to take advantage of this potential rally) in light of the bearish seasonal and weekly trends.
