Outlook Positive For Wheat
Jason Sen | May 11, 2015 04:30AM ET
Wheat: An open or break above 480/481 today confirms a short term positive outlook to target 486/487 perhaps as far as strong resistance at 491/492 This should hold a move higher today. Try shorts need stops above 494. A break higher perhaps later in the week however then targets resistance at 501/502.
Failure to hold above 481 is less positive & risks a slide to first support at 471/472. A low for the day certainly possible for the 3rd day, as this market does need a short term bullish correction in the bear trend. However below here keeps market under pressure triggering a move back to 467/466 then 464 and perhaps as far as support at April 460/459 lows. A break lower cannot be ruled out and could target 455/454.
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