InvestingScope

Hard Red Winter Wheat: Sell Opportunity on the 1W Resistance.

Short
CBOT:KE1!   KC HRW WHEAT FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
The price is testing the 499'4 1W Resistance after a prolonged rise since the rebound on the 380'4 1W Support. We've made a Double Top on the 1D chart which remains bullish ( RSI = 65.798, MACD = 12.030, ADX = 55.290, Highs/Lows = 2.8750). However MACD is forming a top on a bearish reversal pattern. We are expecting a strong rejection after that Double Top and our Target Zone is 393'2 - 380'4.




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