Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Wheat CME: Hit Target Of 662/663

Published 11/29/2013, 01:44 AM
Updated 07/09/2023, 06:31 AM

Wheat CME Weekly Chart
Wheat for March forming a base as explained all last week and this week. We hit our target of 662/663 and almost the next target of 668. A high for the day was expected and we topped almost exactly here at 667. We should struggle again at 667/668 today but a break higher cannot be ruled out and could target the 100 day moving average at 675/676. Exit longs and try shorts from here up to 678.

Immediate support is 663/662 but below here we could slip to 658. November lows at 652 must hold the downside today or last chance for bulls is contract lows at 648/647.

Weekly outlook: Support at November lows at 652 then contract lows at 648/647 are vital. Immediate resistance at 668 this week but above here can target 675/676 and possibly 678 but unlikely any further.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.