Wheat: Resistance At 518/519 Is Main Challenge For Bulls
Jason Sen | Mar 19, 2015 07:14AM ET
Wheat main challenge for bulls is of course resistance at 518/519. Failure here has so far taken us back to first support at 513 but below here good support at 511/510 could hold the downside. If however we continue lower look for a buying opportunity at 505/504. Longs need a stop below 502 to target 500/499 but below here look for an excellent buying opportunity at 494.
A break above 520 is a buy signal for a move up to strong resistance at 525/526. Unlikely we can make it any higher today but shorts need stops above 528. A break and close above here however would be very positive again and could quickly target 529/530 then 535.
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