Wheat Retesting 69/700 For Selling Opportunity
Jason Sen | Oct 08, 2013 04:21AM ET
Wheat for December held just above 686/685 and is retesting the 695/700 area for a selling opportunity. This is strong Fibonacci resistance in an overbought market so we do expect to see prices turn lower from here. Exit longs and try shorts with stops above 705. A break higher could then target 711/712. If we continue higher we run in to the 200 day moving average at 718/19 for a selling opportunity.
Failure to beat the 695/700 area see prices return to support at 693/692. If we continue lower look for 688/687 but below here we meet good support at 685/683 which should hold the downside at this stage.
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