Technical Forecast for Wheat

Wheat for December did continue higher as predicted to hit our target of 670/671. We topped at 676/677 but dipped back & are facing resistance at 670/671 once again. Failure to get back above here risks a slide to 663/662 for a buying opportunity but be aware that any further loss could target 658/657.

 

Above 671 targets yesterday’s high at 676/677. The daily chart still looks positive so a break higher cannot be ruled out and could target 682/683. Look for a high for the day here but any shorts need stops above 686.