Wheat CME: Base Forming?
Jason Sen | Nov 27, 2013 02:10AM ET
Wheat for March could be forming a base as explained last week. We managed to hold above November lows at 652 yesterday. If this does not hold the downside today, then last chance for bulls is contract lows at 648/647.
Holding 656 is positive & targets 662/663. A break higher is more positive & could target 668 but a high for the day is expected here. However any shorts need stops above 671 for a test of the 100 day moving average at 675/676.
Weekly outlook: Support at November lows at 652 then contract lows at 648/647 are vital. Immediate resistance at 668 this week but above here can target 675/676 & possibly 678 but unlikely any further.
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