Wheat Holds The Downside
Jason Sen | Oct 07, 2013 02:44AM ET
Wheat for December continued lower as expected to our buying opportunity at 685/685. This held the downside as predicted and could hold again today but any longs need stops below 681 for a test of the 100 day moving average at 678/77. Exit shorts here and try longs down to last week’s low of 674/673 as this offers an excellent buying opportunity.
Immediate resistance at 692/693 could hold the topside but above here 695/700 offers a selling opportunity with stops above 705 for 711/712. We should start to run out of gas here so exit longs and try shorts then up to the 200 day moving average at 720.
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