Wheat First Resistance At 485
Jason Sen | May 19, 2016 02:45AM ET
Wheat first resistance at 485/487 and we are struggling here, but we could eventually continue higher, targeting a selling opportunity at 493/494. A good chance of a high for the day and even a high for the week. Shorts need stops above 496.
Good support again at 479/478 which could hold the downside. However if we continue lower, look for a buying opportunity at 474/473. Longs need stops below 471. Just be aware that a close below 473 is more negative for Friday and targets support at 470/469, which is the last line of defence for bulls at this stage.
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