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Technical forecast for Wheat

By () · June 25, 2013 · Comments Off on Technical forecast for Wheat
Grains · analysis, binary option, buy sell, candlestick, charts, day trade, day trading, down trend, fibonacci, forecast

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.

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