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wheat futes searching for bid above 18'4

wheat futes searching for bid above 18'4

If we break above 18'4 we will likely retest the highs as the recent highs were front run with resistance slightly above there. If we take out the recent low, I'm neutral as no clear sign that we retest the recent low all the way down at 594. The fact that we moved above recent resistance should favor the bulls. Wave pattern is suggestive of correction rather than new impulse down.

See my other post on corn . One way of playing this would be to engage in a spread trade e.g. long wheat /short corn , depending on price action.

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