Wheat May hit 200 day moving average resistance at 663/664 as expected we did in fact top exactly here last week. This should now mark the end of the 5 week rally. Yesterday we hit profit taking as expected to test support at 637/636. A low for the day was seen exactly here as predicted. The expect bounce could take us back to 643/645 today. We should struggle to make it any higher but above 650 is more positive for today at least and we could target 653 for a selling opportunity.
Good support at 637/636 could hold the downside again today as we become oversold short term. However longs need stops below 634. Go with a break lower looking for a test of the 100 day moving average at 631/630. A good chance of a low for the day but if we continue lower we do not meet good support again until 622/621. Exit shorts and try longs as this is a good buying opportunity.