KEU2016 Commodities Futures Chart

KC HRW WHEAT FUTURES - ELECTRONIC

 

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JaceYoung JaceYoung KEU2016, D, Long ,
KEU2016: KC Sept Wheat Long
31 2 2
KEU2016, D Long
KC Sept Wheat Long

The market completed a valid double bottom last week at the $4.00 level as this is an "emotional" number in the market. First area of resistance is going to be around the $4.30 range, and if we can close about that level I would imagine the market will make a run back into the $4.60 which is our next area of resistance. Let me know your thoughts.

JaceYoung JaceYoung KEU2016, D, Long ,
KEU2016: Sep KC Wheat Long
17 0 1
KEU2016, D Long
Sep KC Wheat Long

The market is drastically oversold as we are right in the middle of wheat harvest in Kansas. I would expect to see a rally here back up into the $4.50's - $4.70's as that is a prior area of support/resistance and a 61.8 Fib Retracement. This would be a good place for farmers to look to sell or forward contract some more grain.

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