WHEAT

On the 18th of March I analyzed Wheat continuous price and drew attention to a possible symmetrical triangle.

http://techcharts.wordpress.com/2012/03/18/wheat/

In the past one week price resumed its consolidation in this tight trading range. Volatility is still at an extreme low reading and price is now closer for a major breakout from a 2 month-long consolidation range. Keep wheat on your watch list for a possible breakout in the next few days. Boundaries of the consolidation range are 670 and 635. A breach above 670 will be extremely bullish for Wheat and target 700-750 area in a short period of time. Failure to reverse from 635 will put pressure on the downside.