December SRW wheat futures a “swing trading” buying opportunity on fresh price strength.

See on the daily bar chart for December soft red winter wheat futures that prices have been trading in a choppy and sideways fashion at lower price levels for several weeks. It’s my bias that this is “basing” action that will kick of a price uptrend at some point. A move above chart resistance at Monday’s high of $7.13 1/2 would become a buying opportunity on a “swing trading” basis, whereby trades can be made within a well-defined trading range. The upside price objective would be $7.60 or above. Technical support, for which to place a protective sell stop just below, is located at $6.95. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.

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