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Wheat Slumps to New Lows; Sizzling Markets: The Anatomy of Support & Resistance August 6th 2025

Posted on August 5, 2025 by Ilan

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Support & Resistance?

By John Thorpe, Senior Broker

C40

Summertime Barbecue’s Support & Resistance, this is how some sausage is made.

Deep into the summertime BBQ season where outdoor cooking with the best of friends and family members occurs in National Parks, backyards, roof tops and local preserves, The menu offerings always include a variety of our favorite sausages. Hot Dogs, Frankfurters, Italian, Spicy Chicken, Bratwurst, Chorizo, Polish all types of sausage. It is estimated that 10’s of billions of sausages are likely grilled globally during the summertime.

Which brings us to Support and Resistance Numbers in trading markets. To recap:

Support = The Price Level where buying interest halts a downtrend.

Resistance= The Price level where selling pressure halts an uptrend

Yes, in fact how the sausage is made is a question we get frequently from our blog subscribers. What tools do we use?. Are there specifical technical indicators that are better than others? What time frames should be utilized? What can I use to confirm SR levels?

For access to our Support/Resistance Cheat Sheet to see how we may make the Sausage, Click here for a copy.

Tomorrow:

Econ Data: EIA Crude Stocks

FED: 3 speakers

Earnings: Disney and McDonalds

Tariff news: Anything goes!

September Wheat

September wheat resumed its slide into a new contract low. At this point, the chart is taking aim at its second downside PriceCount objective to the 4.99 area.

The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved.

It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com

Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.

Daily Levels for Aug 6th, 2025

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