Technical Forecast for Wheat

Wheat for December held below 666, broke 662 to test support at 660/59 & bottomed almost exactly here. This was no surprise in this bear market & despite being oversold short term it is unwise to fight the trend today. Resistance at 662/663 then 666/667 likely to hold the topside but if we continue higher we can use 669/670 for a selling opportunity.

 

659/658 is immediate support of course with a break lower very possible for 654/53 today. Below here 648 looks like the next target.