Technical forecast for Wheat

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Wheat for December did push higher to 672 where we predicted a high for the day & we topped exactly here. This trade should work again today but shorts need stops above 674 as we could then continue higher towards 678/679 for a selling opportunity.

Below 666 risks a slide to this week’s low of 662. We are in a bear trend so a break lower always possible for support at 660/59 then 654/53 today.

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