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Technical Forecast for Wheat

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Technical Forecast for Wheat

 


Wheat for December held resistance at 670/671 & as expected dipped back to 663/662 for a buying opportunity. We over ran slightly to 660.50 & should find 663/662 offering good support again today but longs need stops below 660 as any further loss could target support at 658/657. If we fall as far as 653/652 use this as a buying opportunity but be aware than a break lower should fill the gap at 638.


Resistance at 670/671 could hold the topside again but above 671 targets this week’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.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Commodities Markets Trading Ideas

 

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