May soft red winter wheat futures are presenting a buying opportunity as prices trend higher, hitting a three-month high. The MACD indicator is bullish, with potential for increased U.S. wheat sales due to better trade relations and winterkill in wheat regions. A move above chart resistance at $5.58 3/4 would signal a buying opportunity, with an upside price objective of $6.20. Technical support is at $5.35. Futures trading is volatile and risky, so it’s important to understand the risks before investing. Jim Wyckoff does not have positions in mentioned securities.

Read more at Yahoo Finance: Bet on Continued Upside in Wheat Prices Now with This 1 Trade Idea