Wheat: First Support At 476/475
Jason Sen | Jan 11, 2016 05:52AM ET
Wheat made it as far as short term Fibonacci resistance at 482 overnight. This the main challenge for bulls today in short term overbought conditions so a high for the day could be seen here already in fact. First support at 476/475 but below here targets 472/471. This could hold the downside so worth profit taking on any shorts but further losses could target a buying opportunity at 469/468.
First resistance at 482/483 is a selling opportunity with stops above 485. A break higher however then targets 488/489, perhaps as far as 491. If we continue higher look for a selling opportunity at 497/498.
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