December SRW Wheat Futures a Buying Opportunity on More Price Strength
See on the daily bar chart for December soft red winter wheat that prices have made a decent rebound from the September low and prices are in a three-week-old uptrend. The bulls have gained some near-term technical momentum and would gain more by pushing prices above chart resistance at last week’s high of $5.22 1/4. That would also become a buying opportunity. The upside price objective would be $5.90, or above. Technical support, for which to place a protective sell stop just below, is located at $4.95. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
