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.
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