Wheat CME Outlook Remains Negative
Jason Sen | Oct 28, 2013 05:29AM ET
Wheat for December saw a high for the week at 711/712 last week as predicted. On Friday we continued lower as expected, breaking 694 for the next support at 691/690. We bottomed exactly here as predicted but today's outlook remains negative. A break below 690 also breaks the 6 week bull trend & targets support at 685/683. If this does not hold the downside we risk a test of mid October lows at 678 & possibly the 100 day moving average at 676/675 this week.
Immediate resistance at 694/695 could hold the topside. However if we continue higher we could reach 701/702. It looks very unlikely now that we will see a retest of the 711/712 area, but if we do again this week, we can use this as a selling opportunity.
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