Technical forecast for Wheat

Wheat for December held support at 660/59 & made it almost as far as 669/670 for our selling opportunity. This area should hold the topside again today in this bear market despite the fact that we are getting oversold now on the daily chart. However shorts need stops above 672 for resistance at 676/677.

659/658 is immediate support of course & we could expect a low for the day here if tested again this week. The outlook is starting to turn more positive as we stabilise & a small sell off before the end of the week may now offer a buying opportunity. Any longs need stops below the next support at 654/53 as 648 then 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. has established itself as the leading provider of... More