I’ve added some additional price targets added to the 60-minute chart of WEAT (wheat ETN), which has now clearly taken out the T1/5.17ish resistance level.
WEAT 60m Sept 13th
/ZW (wheat futures) should run on a solid breakout above the 590 T2 / resistance level although it should be noted there are some what I refer to as “potential” (but unconfirmed) negative divergences forming on both /ZW & WEAT. As such, one could opt for a tight stop somewhat below this uptrend line while longer-term swing/trend traders might opt to allow for wider stops as the longer-term outlook & charts remain constructive. 60-minute chart below.
ZW 60m Sept 13th