Wheat Forecast: June 22nd, 2015
Jason Sen | Jun 22, 2015 12:35AM ET
Wheat July has trend line support at 484/483 today. We are oversold, so a bounce from here likely. A break above 492 is a positive signal and targets resistance at 496/497. A high for the day expected, but shorts need stops above 500. Be ready to buy a break above 500 to target 100 day moving average resistance at 506/507 for the next selling opportunity.
Trend line support at 484/483, but longs need stops below 481. Be ready to sell a break lower to test 3 week lows at 474. Further losses this week target 471 then 468/467.
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