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 are in a steep near-term uptrend and have recently hit a three-month high. A bullish “rounding-bottom” reversal pattern sparked this rally. The bulls have gained upside near-term technical momentum recently. A move above chart resistance at Monday’s high of $6.93 1/2 would become a buying opportunity. The upside price objective would be $7.40, or above. Technical support, for which to place a protective sell stop just below, is located at $6.72 1/2. Remember that the “mini” grain futures contracts are a liquid and viable way to trade grain futures.
