May SRW wheat futures a buying opportunity on fresh price strength.
See on the daily bar chart for May soft red winter wheat futures that prices are in an uptrend and have just hit a three-month high. The bulls have the near-term technical advantage. A move in prices above chart resistance at this week’s high of $6.67 1/4 would give the bulls some fresh upside near-term momentum and it would also become a buying opportunity. The upside price objective would be $7.25, or above. Technical support, for which to place a protective sell stop just below, is located at this week’s low of $6.37. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
