Wheat Futures Flirt With Significant Support
Wheat
Technicals (September)
Wheat futures were mostly rangebound yesterday as prices continue to attempt to mark a low against the lows from the end of June. That support pocket remains intact from 550-560. The hurdle the Bulls want to get back out above remains intact from 579-583 1/4. If they can achieve this on a closing basis, we could see a move back towards the more significant resistance pocket from 597 1/2-603.0
Bias: Neutral/Bullish
Resistance: 597 1/2-603***, 614-620***
Pivot: 579-583 1/4
Support: 550-560***
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Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Technicals (September)
Wheat futures were mostly rangebound yesterday as prices continue to attempt to mark a low against the lows from the end of June. That support pocket remains intact from 550-560. The hurdle the Bulls want to get back out above remains intact from 579-583 1/4. If they can achieve this on a closing basis, we could see a move back towards the more significant resistance pocket from 597 1/2-603.0
Bias: Neutral/Bullish
Resistance: 597 1/2-603***, 614-620***
Pivot: 579-583 1/4
Support: 550-560***
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Disclaimer
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