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Tech Guy Wheat Support Alert 5/20/22

July Wheat has traded down through the 1200 area gap. Price fell until another support area came into play. Up-trendline support this morning comes in around the 1170 price area.

The next line of support comes in near 1148 - this is the top of the triangle July Wheat broke up out of on May 12. With seasonals soon turning up, the 1170-1148 area will most likely provide the foundation for higher prices. Please see the July Wheat chart below - it shows the last 30 days of trading with important areas marked.

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