Wheat CME: Outlook Looks Negative
Jason Sen | Sep 02, 2014 07:54AM ET
Wheat held with Thursday's range but the outlook could be turning more negative this week. Below 567/566 keeps the market under pressure for a buying opportunity at 560/559. A break below the next support at 554/553 however risks a retest of August lows at 545/543.
Immediate resistance at 572/571 then the 2 day high is 579 and if we continue higher today look for 582/583 then a retest of August highs at 591. Exit longs and try shorts up to Fibonacci resistance at 594, with stops above 605.
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