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Excellent Chart Structure In Wheat

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Wheat Futures---Wheat futures in the March contract settled last Friday in Chicago at 4.43 a bushel while currently trading at 4.41 down slightly for the trading week still stuck in a tight 4 week consolidation as I'm currently not involved, but I will be looking at a bullish position if prices break 4.50 while then placing the stop loss under the contract low which was hit on October 31st at 4.33 risking around $0.17 or $850 per contract plus slippage and commission.

If you have been reading my previous blogs you understand that I will not take short positions as I think the downside is very limited despite the fact that prices are trading under their 20 and 100 day moving average as the trend is still negative coupled with the fact that the winter wheat crop is off to an excellent start as ideal weather conditions in the Great Plains of the United States should produce another excellent crop.

The U.S dollar is down another 40 points today hitting a 6 week low as I think that is the wrench in the closet which could finally start propelling the agricultural markets to the upside so keep a close eye on this market as we could be involved in next week's trade as the chart structure is outstanding.




If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit

Skype Address: mseery TWITTER---@seeryfutures



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About the author

Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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