Wheat Remains Under Pressure
Jason Sen | Oct 21, 2015 03:02AM ET
Wheat has staged a recovery with first resistance at 494/495 today. However, the outlook is more positive in the short term now, so be ready to buy a break above to target 497/498, perhaps as far as strong resistance at 501/502. A good chance of a high for the day, but further gains target 506/507.
Failure to beat first resistance at 494/495 targets 490, but below here a retest of support at 484/483 is possible. Just be aware that a break below here, despite oversold conditions, keeps the pressure on for 481/480 then minor support at 478/477. This could hold the downside bearing the situation in mind. However, longs look risky....a break below 476 targets 472/471.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.