Wheat Futures—Wheat futures in the July contract settled up $0.06 at 7.29 a bushel reversing some of the losses that we witnessed in yesterday’s trade as prices are near an 8 year high. I have been recommending a bullish position from around the 6.65 level and if you took that trade continue to place the stop loss under the 10-day low which now stands at 6.51 on a closing basis only as an exit strategy, however the chart structure will also improve in the next couple of days therefor the monetary risk will be lowered.
At the present time prices are trading above their 20 and 100 day moving average as this trend remains strong as the entire grain market took a breather today, but remains on fire and looks to move even higher in my opinion as I see no reason to be short.
The next major level of resistance stands around the 7.70 area and if that is broken there’s a possibility we could test the $9 level which was touched all the way back in July of 2012 which was the last drought that we experienced in the Great Plains part of the United States. In my opinion as I have stated for months I believe the commodity markets will continue to move sharply higher throughout 2021 and if you’re involved in these markets play them all to the upside.
CHART STRUCTURE: IMPROVING
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