Wheat most important support of the day is the 466/465 December lows. Although oversold on the daily chart, we are in a longer term bear trend of course. Be careful if trying longs and use a stop below the 4 month trend line support at 463. A break and close below here targets 461/460 then 457/456.
First resistance at 472/473 should be a challenge on any rally, but above 474 targets resistance at 478/479. Exit longs here and try shorts from here up to stronger resistance at 481/482. Our shorts need stops above 484. A break above 482 is an added buy signal however and targets 486/487. If we continue higher this week look for a selling opportunity at 491/492.