Wheat Still Looks For Short-Term Recovery
Jason Sen | Jul 07, 2016 05:34AM ET
Wheat still looking for a short term recovery but first resistance at 434/435 should be a big challenge and has held so far. However a break above 436 is a short term buy signal and targets 441/442 then a selling opportunity at 444/445. Shorts need stops above 447.
Failure to beat first resistance at 434/435 re-targets 432 then first support at 428/427. This could hold the downside but below important 2010 and 2009 lows at 425.50/425.25 we are retest yesterdays low at 421. We then meet this week's low at 416/415. The downside should be limited now but the 2007 low at 412 is going to be the next target and important support.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.