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Stopped Out Of Wheat After Strong Move

7/12/2020

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The wheat trade finally made it's move.  The original minimal target of $5.25 was surpassed and actually reached $5.428 near the 200 dma.  We could have made more if not stopped out at $5.30 due to Friday's WASDE report volatility.
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But is wheat finished?  I think wheat is finished for now.  Wheat has extreme overbought RSI readings and it is against some major resistance.  It is time for wheat to re-set.
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If the 3 day RSI becomes oversold, we will begin looking for a swing low to re-enter.  This would be at the bottom of a B wave which could actually be the right shoulder of a Head and Shoulders pattern maybe in the $5.20 area.  This would be another nice spot for a wheat trade.
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Steve Wade and Tyler Wade of Wade Assurance are associated persons for AgDairy LLC.

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