Wheat Futures Start to Stabilize Wheat
Techncials (September): The market has been in free fall for the last week after breaking below the low end of the range and the 100-day moving average. The market is trying to find its footing in the early morning trade, but the Bulls have their work cut out for them to repair the immense amount of technical damage that has been done since breaking down. The first hurdle come in from 960-970. Consecutive closes above there could spur prices to retrace the “scene of the crime” aka the breakdown point from last week, which is well above the market. On the support side of things, 898 ½-903 is the first pocket. This represents previously important price points and the 200-day moving average. A break and close below this pocket and we could see the selling accelerate yet again.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 960-970***, 1028 ¼-1037 ½****
Support: 898 ½-903****, 839-849***
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