Wheat CME: Hit Target Of 662/663
Jason Sen | Nov 29, 2013 01:44AM ET
Wheat for March forming a base as explained all last week and this week. We hit our target of 662/663 and almost the next target of 668. A high for the day was expected and we topped almost exactly here at 667. We should struggle again at 667/668 today but a break higher cannot be ruled out and could target the 100 day moving average at 675/676. Exit longs and try shorts from here up to 678.
Immediate support is 663/662 but below here we could slip to 658. November lows at 652 must hold the downside today or last chance for bulls is contract lows at 648/647.
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 and possibly 678 but unlikely any further.
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