March Soft Red Winter Wheat Futures
March soft red winter wheat futures at the Chicago Board of Trade are presently trading in the middle of a four-week-old sideways trading range on the daily bar chart. That trading range is bound by solid technical support at last...
March soft red winter wheat futures at the Chicago Board of Trade are presently trading in the middle of a four-week-old sideways trading range on the daily bar chart. That trading range is bound by solid technical support at last week's low of $5.15 1/4 and the November high of $6.08. The direction in which March Chicago wheat "breaks out" of the aforementioned trading range is likely to be the next significant near-term price trend in the market. Near-term technical resistance for March wheat is located at Wednesday's high of $5.64 3/4 and then at this week's high of $5.78. Near-term technical support is located at $5.40 and then at $5.26 1/4. click on the chart to enlargeMarch Wheat FuturesThe weekly continuation chart for nearby Chicago soft red winter wheat futures shows that prices have recently paused amid a solid longer-term price downtrend from the 2008 all-time high. This recent pause on the weekly chart is not bullish. A solid breach of major psychological support at $5.00 in nearby Chicago wheat futures would open the door to a quick run down to psychological support at $4.00 a bushel.--Stay tuned! Jim Wyckoff
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