Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Wheat CME : Outlook Negative, 536/538 Excellent Selling Opportunity

Published 10/27/2014, 06:54 AM
Updated 07/09/2023, 06:31 AM
ZW
-

Wheat CME Weekly Chart

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 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.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.