Wheat is a volatile ‘soft’ commodity to trade and is prone to wild swings. We like to trade Wheat using the long term weekly chart so that our trades are inline with the long term trends. We also establish price objectives and take profits when/if those objectives are hit.
Weather patterns also play a part in Wheat trading, so it is essential to keep abreast of weather conditions that effect the price of this commodity.
As always: do your research and be sure to keep your losses small.
Here’s the weekly chart with support and resistance zones:
Wheat Futures Weekly Chart – Near Term
At Trading Room we search for the biggest winning stocks in the market today.
We use market timing, industry group selection, and chart patterns with price and volume analysis.