Wheat Futures Stage a Recovery Rally

Wheat Futures (Sep 2022) (CBOT:ZWU2022)

CBOT:ZWU2022 Wheat Futures (Sep 2022)

trendanalysis chartpattern indicator weat wheat futures commodities trading trade

Wheat
Technicals: Wheat futures are attempting to rebound back towards our resistance pocket, 960-970, previously this was support. If the Bulls cannot achieve a conviction close back above this pocket, we could see the selling pick back up. With that said, a breakout and close above here could spark a wave of short covering, with little significant resistance until about 1030.

Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish

Resistance: 960-970***, 1028 ¼-1037 ½****
Support: 898 ½-903****, 839-849***

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