December HRW wheat futures a buying opportunity on more price strength.
See on the daily bar chart for December hard red winter wheat futures that prices recently trended sharply higher from the September low. Price action this week has seen a pause, which has formed a bull flag or bullish pennant pattern on the daily bar chart. The bulls still have the near-term technical advantage and would gain more upside momentum by pushing prices above the recent high of $7.64 3/4. That would also become a buying opportunity. The upside price objective would be $8.00 or above. Technical support, for which to place a protective sell stop just below, is located at $7.50.
