May SRW wheat futures a buying opportunity on more price strength.
See on the daily bar chart for May soft red winter wheat futures that prices are in a three-week-old uptrend and have recently hit a six-week high. The wheat bulls have gained upside near-term technical momentum recently. A move above chart resistance at last week’s high of $6.14 1/2 would become a buying opportunity. The upside price objective would be $6.80, or above. Technical support, for which to place a protective sell stop just below, is located at $5.85. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
