Wheat Breaks Down to a MUST HOLD Support Pocket
Wheat
Technicals: Wheat futures got taken to the woodshed yesterday, breaking below the low end of support which we had defined as 1027 ¼-1034 ¼. In yesterday’s report we noted that a failure of the Bulls to get back out above this pocket and “we could see the selling pressure accelerate.”. Our next support levels below that pocket didn’t come in until 982 and 967 ¼, both of which have been achieved. As mentioned in yesterday’s Tech Talk, we wouldn’t be surprised to see the market consolidate and even rebound off of these lower support levels. Eventually, we think they will give way, and there’s not a lot of support until sub $9.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 1027 ¼-1034 ¼****, 1095-1102****, 1142 ¾-1150***
Pivot: 982
Support: 960-967 1/4**, 925-930**, 897-902***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Technicals: Wheat futures got taken to the woodshed yesterday, breaking below the low end of support which we had defined as 1027 ¼-1034 ¼. In yesterday’s report we noted that a failure of the Bulls to get back out above this pocket and “we could see the selling pressure accelerate.”. Our next support levels below that pocket didn’t come in until 982 and 967 ¼, both of which have been achieved. As mentioned in yesterday’s Tech Talk, we wouldn’t be surprised to see the market consolidate and even rebound off of these lower support levels. Eventually, we think they will give way, and there’s not a lot of support until sub $9.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 1027 ¼-1034 ¼****, 1095-1102****, 1142 ¾-1150***
Pivot: 982
Support: 960-967 1/4**, 925-930**, 897-902***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.