Wheat: Outlook Remains Negative
Jason Sen | Mar 18, 2016 05:50AM ET
Wheat has held strong support at 462/461 but outlook remains quite negative so longs need stops below 460. A break lower however targets only minor support at 457/356. If we continue lower look for short term trend line support at 451/450, which could hold the downside at this stage.
Holding 461 allows a recovery to first resistance at 465/466 but if we continue higher look for stronger resistance at 470/471. A good chance of a high for the day in the negative trend but further gains test 3 month trend line resistance at 474/475.
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