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Wheat CME: Stay With Downside Momentum

Published 07/14/2014, 04:37 AM
Updated 07/09/2023, 06:31 AM

Wheat CME Weekly Chart

Wheat losses accelerated last week so have already fallen almost as much in the first 2 weeks of July as the whole of June. The third month of a severe sell off. Lower again on Friday to complete the 9th weekly loss in a row and even broke our lower target of 551/550 to hit 525. Stay with the downside momentum and if we break lower look for 517 then 505 and 493/492.

Until we see a positive signal any rally remains selling opportunity with resistance at 558/559, 562/563 then 568/569 and Friday's high at 571/572. Only a close above here would be an initial sign of buyers returning.

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