Technical forecast for Wheat

wheat

Wheat for December making a recovery today as predicted & has this morning gapped above 651/652 to hit 660. This is very bullish price action & could see us continue higher for 662/663. We should struggle here & cannot rule out a high for the day but any shorts need stops above 665 for a move towards 670/671.

Immediate support is 658/657 but below here risks a slide to 653/652 for a buying opportunity. However longs need stops below 651 as a break lower risks a slide to fill the gap at 648 for a second buying opportunity.

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