Technical Update Wheat (6.8.22)
Wheat
Technicals: July wheat futures have been the laggard of the big-3, treading near the lower end of the last month’s range. Our pivot pocket from 1095-1102 remains intact. This pocket is not only psychologically significant, but also technically significant with the 50-day moving average coming in at 1099 ¾, along with other previously important price points. If wheat can tag along with corn and beans and breakout above that first hurdle, it could take prices back near first resistance, 1142 ¾-1150.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1142 ¾-1150***, 1200-1205 ¼**
Pivot: 1095-1102
Support: 1027 ¼-1034 ¼****
Technicals: July wheat futures have been the laggard of the big-3, treading near the lower end of the last month’s range. Our pivot pocket from 1095-1102 remains intact. This pocket is not only psychologically significant, but also technically significant with the 50-day moving average coming in at 1099 ¾, along with other previously important price points. If wheat can tag along with corn and beans and breakout above that first hurdle, it could take prices back near first resistance, 1142 ¾-1150.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1142 ¾-1150***, 1200-1205 ¼**
Pivot: 1095-1102
Support: 1027 ¼-1034 ¼****
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