Wheat Forecast: May 14th, 2015
Jason Sen | May 14, 2015 06:48AM ET
Wheat same levels apply for today with first resistance at 483/484, but above here strong resistance at 491/492 is a selling opportunity. Try shorts with stops above 494. An unexpected break higher, however, then targets resistance at 501/502.
Failure to beat 483/484 should trigger a move lower towards first support at 480 then 476/475. If we continue lower, look for a retest of 472. Less chance this will hold the downside today, however, and a break below triggers 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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