Wheat Futures Break Below Support
Wheat
Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 5,736 futures/options through June 14th. This shrinks their net long to 6,939. Broken down that is 77,203 longs VS 70,264 shorts.
Technicals: Wheat futures are breaking below the low end of the trading range, trading to their lowest price since the first week of April. Previous support now becomes resistance, if the Bulls cannot reclaim ground above 1027 ¼-1034 ¼ we could see the selling pressure accelerate.
Bias: Neutral/Bearish
Previous Session Bias: Neutral
Resistance: 1095-1102****, 1142 ¾-1150***, 1200-1205 ¼**
Pivot: 1027 ¼-1034 ¼
Support: 982**, 967 1/4**
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.
Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 5,736 futures/options through June 14th. This shrinks their net long to 6,939. Broken down that is 77,203 longs VS 70,264 shorts.
Technicals: Wheat futures are breaking below the low end of the trading range, trading to their lowest price since the first week of April. Previous support now becomes resistance, if the Bulls cannot reclaim ground above 1027 ¼-1034 ¼ we could see the selling pressure accelerate.
Bias: Neutral/Bearish
Previous Session Bias: Neutral
Resistance: 1095-1102****, 1142 ¾-1150***, 1200-1205 ¼**
Pivot: 1027 ¼-1034 ¼
Support: 982**, 967 1/4**
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.