Commodity Trading Tips for Wheat by KediaCommodity

Wheat ended flat on demand worries and relatively adequate supplies. Prospects of higher domesticoutput due to favorableweather conditions in producing regions and wheat harvesting, which is expected to commence in the third week of this month likely to keep wheat prices at lower levels. Wheat output in Western Australia, the nation’s biggest exporting state for the grain, may increase 29 percent by 2016 as producers respond to expanding global demand. In Delhi wheat prices dropped -1.35 rupee to end at 1316.9 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1168 after opening at 1170.6, and finally settled at 1173.8. For today's session market is looking to take support at 1169, a break below could see a test of 1164.2 and where as resistance is now likely to be seen at 1177.6, a move above could see prices testing 1181.4.

Trading Ideas:

Wheat trading range is 1164.2-1181.4.

Wheat ended flat on demand worries and relatively adequate supplies

Wheat is having resistance at 1177.60 and support at 1169 level.

Wheat output in Western Australia may increase 29% by 2016.

In Delhi wheat prices dropped -1.35 rupee to end at 1316.9 rupees per 10 kg.

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(Source: http://www.topnews.in/commodity-trading-tips-wheat-kediacommodity-2317504)