The December wheat contract peaked on 6/1/09 at $7.2525. On 6/3/09 we received a longer term sell signal. By 7/7/09 the market had bottomed at $5.38 and has slowly tried to push higher as it appears to be building a base. This can also be seen in the corn and soybean markets. If the economy should prove to be stabilizing and recovering, the grain markets may find support in this situation. On 7/13/09 we received a new longer term buy signal.
The first resistance level is $5.78 to $5.83. If the market continues upward the next level of support is $5.96 to 6.08.
An initial support level is found at $5.70 to $5.64.