Wheat CME: Short Term Recovery Ahead?
Jason Sen | Jul 16, 2014 12:32AM ET
Wheat now tackling resistance at 562/563 and a break above here today gives more hope for a short term recovery this week to target 568/569 and possibly as far as Friday's high at 571/572. Unlikely we will beat this resistance today so we can use this as a selling opportunity. Bear in mind only a daily close above here this week would be an initial sign of buyers returning.
If prices fall back below 560 this keeps the market under pressure risking a move towards 554/552. This level did in fact hold the downside perfectly yesterday, but if we continue lower today a retest of the 2 day lows at 548/546 is not out of the question. Clearly this is very important support and a break lower would negate yesterday's more positive candle formation and keeps the market under pressure this week.
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