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Wheat CME: Support Is At 656

Published 11/26/2013, 04:13 AM
Updated 07/09/2023, 06:31 AM

Wheat CME Daily Chart
Wheat for March could be forming a base as explained last week. Today's support is at 656, but below here risks a retest of November lows at 652. If this does not hold the downside then last chance for bulls is contract lows at 648/647.

Holding 656 is positive and targets 662/663. A break higher is more positive and could target 668 but a high for the day is expected here. However any shorts need stops above 671 for a test of the 100 day moving average at 675/676.

Weekly outlook: Support at November lows at 652 then contract lows at 648/647 are vital. Immediate resistance at 668 this week but above here can target 675/676 and possibly 678 but unlikely any further.

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