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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.  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.  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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This PageThe Speculation page is used for educational purposes and to talk about our opinion on trades and what is going on in the market. All trade recommendations are made in "The Pit". This is also a blog page where you can ask questions, post your thoughts, or ask for help. Be sure to use an anonymous name. If you have any questions feel free to reach out to us via email. Archives
May 2021
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