May SRW wheat futures a buying opportunity on more price strength.
See on the daily bar chart for May soft red winter wheat futures that prices Monday popped to a 2.5-month high and the bulls have gained good upside near-term technical momentum. A move above resistance at Tuesday’s high of $6.33 would become a buying opportunity. The upside price objective would be $6.90, or above. Technical support, for which to place a protective sell stop just below, is located at $6.10. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
