July SRW wheat futures a buying opportunity on more price strength.
See on the daily bar chart for July Chicago soft red winter wheat futures that prices have made a good recovery from the March low and have hit a four-week high this week. The bulls are gaining some upside near-term technical momentum. See that the shorter-term moving averages I follow (9- and 18-day) have just produced a bullish line crossover signal as the 9-day crossed above the 18-day. A move in July wheat futures prices above solid chart resistance at this week’s high of $7.34 3/4 would provide the bulls with better upside technical momentum, and it would also become a fresh buying opportunity. The upside price objective would be $8.25, or above. Technical support, for which to place a protective sell stop just below, is located at $7.00. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
