Wheat Futures—Wheat futures in the December contract is trading higher for the 4th consecutive session up another $0.02 at 6.27 a bushel as prices have hit another 5 year high as fundamentally and technically speaking this commodity remains strong.
I have been recommending a bullish position from the 5.40 level and if you took that trade continue to place the stop loss under the 10-day low standing at 5.87 as an exit strategy on a hard basis only as I’m not willing to risk any more than that price level.
The large money managed funds and small speculators are long this market as they think higher prices are ahead and I agree with them as I still think there’s a chance we can hit the $7 level in the coming weeks ahead.
Wheat prices are trading far above their 20 and 100 day moving average as this trend is strong to the upside and if you take a look at the daily chart the uptrend line remains intact as the volatility could even expand exponentially to the upside especially if weather conditions in the Great Plains part of the United States become adverse so stay long.
CHART STRUCTURE: IMPROVING
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