Wheat held immediate support at 500/499 & staged a recovery to 516. Prices are now overbought & we are still in a bear trend so further gains
Wheat CME December contract Daily Forecast - 16 October 2014Wheat held immediate support at 500/499 & staged a recovery to 516. Prices are now overbought & we are still in a bear trend so further gains unlikely. Watch support at 504 as below here is more negative for today & targets short term support at 498/497. Try longs with stops below 495. A break lower adds pressure for 492 then a buying opportunity at 488/487, with stops below 485.
Holding 504 is more positive & may allow a move towards 512/513. We should struggle here but shorts need stops above yesterday’s high of 516. Go with a break higher to target 520/522 & possibly as far as trend line & Fibonacci resistance at 534/536 for an excellent selling opportunity.
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