Wheat Hit Resistance At 525/526
Jason Sen | Apr 13, 2015 03:38AM ET
Wheat has gapped open lower this morning for a profit taking opportunity on our shorts. First support at 515/514 is key to direction and should be worth trying longs with stops below 512. Holding on here keeps the market in a one-month bull trend recovery and a push above 518 once again today re-targets resistance at 525/526. A good chance of a high for the second day here but shorts need a stop above 528. A close above 528 is more pod for this week and targets 530/531 then resistance at 534.
Failure to hold above 514 however is a negative signal. A resumption of the longer-term negative trend then targets 509/508 and 506. If this does not hold the downside look for 503 then 501/500.
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