Wheat Futures--- Wheat futures in the March contract settled last Friday in Chicago at 4.52 bushel while currently trading at 4.47 down about 5 cents experiencing a wild trading session in Thursday's trade selling off around 20 cents from the session high as this market is all based on weather conditions in the Great Plains section of the United States at the present time. I have been recommending a bullish position from the 4.40 level and if you took that trade the stop loss has been raised to 4.27 as the chart structure is now outstanding therefore lowering monetary risk as we will be rolling over into the May contract as expiration is upon us.
Wheat prices are still trading above their 20 and 100 day moving average telling you that the short-term trend is higher as record temperatures are reaching the Midwestern part of the United States on this long holiday weekend as we are closed on Monday as we will reopen on Tuesday morning due to the Presidents' Day holiday.
The main concern about the wheat is the fact that it is still February and 65 is way too warm as we could still have a cold snap that could adversely affect the quality of the wheat and that's why you're seeing prices somewhat propped up here in recent days so continue to place proper stop loss while always maintaining the risk of 2% of your account balance on any given trade.TREND: -HIGHER –-CHART STRUCTURE: EXCELLENT
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-312-224-8140 I will be more than happy to help you with your trading or visit www.seeryfutures.com
Skype Address: mseery
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