Technically Speaking

Weekly Analysis: Wheat Markets

Source: DTN ProphetX

SRW Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $3.97, up 6 1/4 cents for the week. The SR.X looks to still be in a secondary (intermediate-term) sideways trend on its weekly close only chart. Support remains near $3.66 3/4 with resistance at the previous high weekly close of $4.12 1/4.

SRW Wheat (New-crop Futures): The Chicago July 2017 contract closed at $4.35 1/4, up 2 1/2 cents for the week. The contract still looks to be in a secondary (intermediate-term) sideways trend between roughly $4.73 3/4 and $4.16. The former is the 335 retracement level of the previous secondary downtrend with the latter the low of that previous trend. Weekly stochastics remain neutral near the oversold level of 20%, suggesting a possible move to the high end of the range.

HRW Wheat (Cash): The DTN National HRW Wheat Index (HW.X, national average cash price) closed at $3.57 1/2 up 2 1/4 cents for the week. The cash HRW market still looks to be in a secondary (intermediate-term) downtrend with the recent minor (short-term) uptrend leading to a test of resistance on the weekly close only chart at $3.3.61 1/4. Support remains at $3.18 1/4.

HRW Wheat (New-crop Futures): The Kansas City July 2017 contract closed at $4.38, down 1 1/4 cents for the week. Despite a second consecutive lower weekly close the secondary (intermediate-term) trend remains up. The minor (short-term) downtrend looks to have come to an end with daily stochastics turning bullish at the end of last week.

HRS Wheat (Cash): The DTN HRS Wheat Index (SW.X, national average cash price) closed at $5.15 1/4, up 10 cents for the week. The market remains in a secondary (intermediate-term) uptrend, testing resistance at $5.14 1/4. This price marks the 61.8% retracement level of the previous downtrend from $5.36 3/4 through the low of $4.77 1/2. Weekly stochastics remain bullish, with next resistance up at $5.22 3/4.

HRS Wheat (New-crop Futures): The Minneapolis September 2017 contract closed at $5.62 1/2 up 9 cents for the week. The secondary (intermediate-term) trend remains up based on the contract posting a bullish reversal the week of April 10. Resistance remains at $5.65, then $5.75 1/2.

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