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Wheat: Strong Resistance At 466/467

Published 01/06/2016, 06:21 AM
Updated 07/09/2023, 06:31 AM

Wheat CME Chart

Wheat first resistance at 461/462 is only minor but above here look for stronger resistance at 466/467. This is the main challenge for bulls today but we are severely oversold so be careful trying shorts and if you do, use stops above 469. However be ready to buy a break above 467 to target strong resistance at 472/473. A good chance of a high for the day if we reach this far but shorts need stops above 474.

Failure to beat first resistance at 461/462 risks a retest of this week's low at 457/456. This is not particularly strong support in the bear trend so despite oversold conditions, be ready to sell a break below to target 4512/451 then 448/447.

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