December SRW wheat futures a buying opportunity on more price strength.
See on the daily bar chart for December soft red winter wheat futures that prices have made a good rebound from the recent lows and on Thursday hit a nine-week high. See, too, that a bullish rounding-bottom reversal pattern has formed on the daily bar chart. The bulls have gained good upside near-term technical momentum and would gain better power by pushing prices above chart resistance at Thursday’s high of $6.80. That would also become a buying opportunity. The upside price objective would be $7.30 or above. Technical support, for which to place a protective sell stop just below, is located at $6.58. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain futures markets.
