StephenHoad

Can Wheat hold these highs?

Long
CBOT:W1!   None
Wheat has put in a strong performance in the last few months and has hit new recent highs. Technically at one point it looked like profit takers could force a correction back to previous mid June numbers in the late 400's. Fundamental weather news and more than likely funds having to cover their shorts for the moment have kept Wheat at these new levels. Approaching Fibonacci resistance at 565 the next Fibonacci resistance pocket could be in the early 600's if it can break here? Support at 523 then 471.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.