Options Play: Wheat Could Be Topping

After the big run up in Wheat prices the market looks to be settling down for either sideways action or a correction.

MY ANALYSIS

Fundamentally, in my opinion unless there is any fresh bullish news to move the WHEAT MARKET higher it seems as though this market could be topping out or poised for a correction to the downside.

Technically, I see the short term trend in WHEAT FUTURES breaking below the 9 day moving average indicating the the short term trend is no longer up. There has been 3 closes below the 9 day MA on diminishing volume indicating the bullish momentum is slowing. See daily chart below. (more)