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 sold off sharply recently and on Friday hit a fresh five-week low. The bears have quickly seized the near-term technical advantage and still have downside momentum to carry prices lower. A move below chart support at Friday’s low of $6.76 would become a selling opportunity. The downside price objective would be $6.40, or below. Technical resistance, for which to place a protective buy stop just above, is located at $6.90. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.