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Wheat Holds The Downside

Published 10/07/2013, 02:44 AM
Updated 07/09/2023, 06:31 AM

Wheat CME
Wheat for December continued lower as expected to our buying opportunity at 685/685. This held the downside as predicted and could hold again today but any longs need stops below 681 for a test of the 100 day moving average at 678/77. Exit shorts here and try longs down to last week’s low of 674/673 as this offers an excellent buying opportunity.

Immediate resistance at 692/693 could hold the topside but above here 695/700 offers a selling opportunity with stops above 705 for 711/712. We should start to run out of gas here so exit longs and try shorts then up to the 200 day moving average at 720.

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