March Chicago wheat futures a selling opportunity on more price weakness.
See on the daily bar chart for March Chicago soft red winter wheat futures that prices last Friday hit a fresh four-month low and closed at a bearish weekly low close. The bears have gained fresh downside near-term technical momentum recently, and would gain more by pushing prices below solid technical support at Friday’s low of $8.45. That would also become a fresh selling opportunity. The downside price objective would be $7.50, or below. Technical resistance, for which to place a protective buy stop just above, is located at $8.95. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
