Technical forecast for Wheat

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Wheat for December did continue higher as predicted to hit our target of 670/671. We topped at 676/677 but dipped back & are facing resistance at 670/671 once again. Failure to get back above here risks a slide to 663/662 for a buying opportunity but be aware that any further loss could target 658/657.

Above 671 targets yesterday’s high at 676/677. The daily chart still looks positive so a break higher cannot be ruled out and could target 682/683. Look for a high for the day here but any shorts need stops above 686.

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