Wheat for December failed just below strong Fibonacci resistance at 681/682 and our selling opportunity here this week. We dipped below 665/664 but just held last week’s low of 659/658.
So we are starting to range trade now as we unwind the oversold scenario in this downtrend. 680/682 should be a challenge today and we should run in to selling pressure here. Exit longs and try shorts with stops above 684 for Fibonacci resistance at 687 and a second selling opportunity.
Immediate support is 670/669 but below here look for a retest of yesterday’s low at 661. A bounce from here is possible again today but below here last week’s low of 659/658 is important support and we could expect a bottom here again this week.
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