Wheat unable to break above 540 & collapsed through 521/520 all the way to the target of 510/509 & bottomed exactly here. This should mark the end
Wheat CME December contract Daily Forecast - 27 October 2014Wheat unable to break above 540 & collapsed through 521/520 all the way to the target of 510/509 & bottomed exactly here. This should mark the end of the recovery & the resumption of the bear trend. A break below 509 today targets 505/503. This is the best chance of a bounce for bulls but a break below 502 keeps the market under pressure & targets 495/494.
Outlook is negative so any rally is a selling opportunity with immediate resistance at 518/519. If however we continue higher look for a selling opportunity at 522/523. Shorts need stops above 525. An unexpected break higher could then target 529/530 but any move towards 536/538 is an excellent selling opportunity.
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