Technical forecast for Wheat

wheat2

Wheat for December held below 666, broke 662 to test support at 660/59 & bottomed almost exactly here. This was no surprise in this bear market & despite being oversold short term it is unwise to fight the trend today. Resistance at 662/663 then 666/667 likely to hold the topside but if we continue higher we can use 669/670 for a selling opportunity.

659/658 is immediate support of course with a break lower very possible for 654/53 today. Below here 648 looks like the next target.

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