Technical forecast for Wheat

wheat

Wheat for December hit our target of 703/702 & bottomed just below at 699.50. The bounce has taken us to resistance at 706/707 & we should struggle here today. However we do need to recover from a short term oversold position so a break higher is possible & could target 711/712.

Watch for a high for the day here but a push higher could reach 715/716. Failure to beat 706/707 should see a drift lower to retest 701/700. We could bottom out here again today but a break lower cannot be ruled out and should target May June lows at 697/695.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More