Wheat: More of the Same, Trading in a Range
Wheat
Fundamentals: This morning’s weekly export sales report showed net sales of 236,900 metric tons (MT) for 2022/2023.
Technicals: Wheat futures were able to defend technical support yesterday, we’ve had that defined as 1027 ¼-1034 ¼. If you’re Bullish, this is a spot to consider buying against as the risk is fairly well defined. If we break and close below that pocket, that would be your sign to take the L and move on. If the Bulls are able to continue defending that pocket, we could see a retest of our pivot pocket, 1095-1102.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1142 ¾-1150***, 1200-1205 ¼**
Pivot: 1095-1102
Support: 1027 ¼-1034 ¼****, 982**, 967 1/4**
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Fundamentals: This morning’s weekly export sales report showed net sales of 236,900 metric tons (MT) for 2022/2023.
Technicals: Wheat futures were able to defend technical support yesterday, we’ve had that defined as 1027 ¼-1034 ¼. If you’re Bullish, this is a spot to consider buying against as the risk is fairly well defined. If we break and close below that pocket, that would be your sign to take the L and move on. If the Bulls are able to continue defending that pocket, we could see a retest of our pivot pocket, 1095-1102.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1142 ¾-1150***, 1200-1205 ¼**
Pivot: 1095-1102
Support: 1027 ¼-1034 ¼****, 982**, 967 1/4**
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.