Wheat CME : Outlook Remains Negative
Jason Sen | Oct 31, 2013 01:37AM ET
Wheat for December got very close to our target of 689 and then continued lower to test the 100 day moving average at 674/673. This held the downside perfectly but the outlook remains negative on a break lower today look for a move towards 666/665. This could hold the downside today but any longs need stops below 662.
Immediate resistance at 683/684 could hold the topside but above here should target 688/689 once again. We should struggle here but if we continue higher, a high for the day is likely at 693/694 for a selling opportunity, with stops above 697.
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