March SRW Wheat Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for March soft red winter wheat futures that prices have backed down from the recent high as the bulls are fading. See, too, at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator has just produced a bearish line crossover signal, whereby the thick blue MACD line crossed below the thin red “trigger” line. A move below chart support at $5.23 3/4 would become a selling opportunity. The downside price objective would be $4.80 or below. Technical resistance, for which to place a protective buy stop just above, is located at $5.52. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
