Wheat Prices Look To Move Higher

Wheat Prices Look To Move Higher
Wheat Prices Look To Move Higher

Wheat Futures—Wheat futures in the December contract is trading higher by 6 cents at 4.95 a bushel looking to crack the September 30th high of 5.01 in my opinion as the grain market in general looks to move higher as all of the bad fundamental news has already been digested into the price.

I have been recommending a bullish position from around the 4.82 level and if you took that trade continue to place the stop loss under the September 3rd low of 4.50 as an exit strategy, however I will raise that stop in next week’s trade therefor the monetary risk will be lowered. If prices break the 5.01 level on a closing basis I will be recommending to add more positions to the upside as I still think there is significant room to run as the volatility should increase substantially in the coming weeks ahead.

Wheat prices are trading above their 20 day but slightly below their 100 day moving average which stands at major resistance at the 5.02 level as the chart structure is outstanding at the current time as we continually grind higher on a weekly basis.

Fundamentally speaking winter wheat was 52% planted as compared to last week’s 39% and the 53% average with 26% of the crop emerged so continue to play this to the upside as the grain market has bottomed out in my opinion.

TREND: HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

 

If you  are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

 

 

 

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