Wheat CME: Retested Resistance At 654/55
Jason Sen | Nov 25, 2013 05:26AM ET
Wheat could be forming a base as explained last week and we retested resistance at 654/55 this morning. In the very short term we are a little over stretched so watch for a test of support at 650/49. Below here we could revisit 647/646 which should hold the downside. However on a break below 644 we are likely to retest November lows at 642.
Resistance at 654/55 should be a struggle, but a break higher can target 659/660 with a high for the day likely. Just be aware that a break and close above 660 today opens the door to a recovery as far as the 100 day moving average at 667/668 this week.
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