Is the Wheat rally real or just a short covering bounce? & Levels 10.24.2014
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
For 2014 I would like to wish all of you discipline and patience in your trading!
Is the Wheat rally real or just a short covering bounce?
Along with the rest of the grain complex and many other commodities, the wheat market has taken a serious beating, declining from $7.64 in May to $4.66 in late September! That is a very serious drop in price (close to 40%!!) in a short period of time.
In recent weeks, the wheat market has bounced almost $0.60 from its lows and the big question longer term traders, as well as swing traders, are asking themselves, is the following: Is this just a chance to go short again or is this the beginning of a reversal to the upside.
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GOOD TRADING !
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Futures Trading Levels
|Contract Dec. 2014||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||December Gold||Dec.Silver||Dec. Crude Oil||Dec. Bonds||Dec. Euro|
|Resistance 3||1261.3||17.51||85.20||144 9/32||1.2745|
|Resistance 2||1253.1||17.38||83.78||143 19/32||1.2712|
|Resistance 1||1242.7||17.29||82.88||142 20/32||1.2682|
|Support 1||1224.1||17.08||80.56||140 31/32||1.2619|
|Support 2||1215.9||16.95||79.14||140 9/32||1.2586|
|Support 3||1205.5||16.86||78.24||139 10/32||1.2556|
|Contract||Dec Corn||Dec. Wheat||Nov. Beans||Dec. SoyMeal||Dec. bean Oil|
|FriOct 24||2:00am||EUR||GfK German Consumer Climate||8.1||8.3|
|4:00am||EUR||Italian Retail Sales m/m||0.2%||-0.1%|
|Day 2||EUR||EU Economic Summit|
|9:00am||EUR||Belgian NBB Business Climate||-7.8||-7.2|
|10:00am||USD||New Home Sales||473K||504K|
This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading.