Technical forecast for Wheat

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Wheat for December held resistance at 670/671 & fell as far as support at 658/657 to bottomed exactly here. This could hold the downside again today but if we fall as far as 653/652 use this as a buying opportunity. Just be aware that a break lower should fill the gap at 638.

Resistance at 662/663 but above here we could revisit 670/671 which could hold the topside again. Exit longs but any shorts need stops above 671 for this week’s high at 676/677.

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