March SRW Wheat Futures a Buying Opportunity on More Price Strength
See on the daily bar chart for March soft red winter wheat futures that prices are in an uptrend but have seen a corrective, profit-taking pullback. Bulls still have the overall near-term technical advantage. A move in prices above the December high of $6.11 3/4 would give the bulls fresh upside momentum and it would also become a buying opportunity. The upside price objective would be $7.00 or above. Technical support, for which to place a protective sell stop just below, is located at last week’s low of $5.77 1/2. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
