March SRW wheat futures a buying opportunity on more price strength.
See on the daily bar chart for March soft red winter wheat futures that prices have once again dropped into the lower boundary of a well-defined, choppy and sideways trading range. However, the wheat market bulls the past several months have been very resilient. Recent history suggests prices will soon rally into the upper boundary of the trading range. Thus, a “swing trading” opportunity arises. A move above resistance at Thursday’s high of $8.64 1/4 in the March SRW wheat futures would become a fresh buying opportunity. The upside price objective would be $9.30, or above. Technical support, for which to place a protective sell stop just below, is located at $8.25.
