While I've addressed the pros & cons of trading commodity ETNs as well as my reasoning for posting analysis & trade ideas on the site in the past, I believe this is an important topic that should be revisited, especially in light of my recent post highlighting various agricultural commodities that appear to be setting [...]
As mentioned in this morning's market update, various agricultural commodities appear to have some of the most attractive R/R profiles right now, especially for long-side trades. The charts seem to indicate that many of these ag commodities appear to be setting up for attractive swing trades with rallies that could last several months & even [...]
A couple of points to address on the agricultural commodities. Regarding the recent official trades in the ag commodity sector, both NIB & WEAT have exceeded their max. suggested stops & will be moved to the Completed Trades categories. WEAT (Wheat ETN) was recent added back as an new long swing trade after the previous [...]
After the previous swing trade recently hit the final target (T3) for a 10% profit 6 weeks after the entry, followed by the expected correction, that near-term overbought correction appears to have likely run its course. As such, WEAT once again appears to offer an objective long entry here at the 7.00ish support level with [...]
WEAT (Wheat ETP) has hit T3 (7.61) for a 9.8% profit. As T3 is the final target for the swing trade, swing traders might consider booking full profits while longer-term traders holding out for the 4th target might consider raising stops to protect profits at this point. T4 has been set at 8.44 which is [...]
The outlook for the US stock market via SPY, QQQ, & IWM followed by analysis on GLD, GDX, SMH, WEAT, JJG & DBA.
After hitting T1 & reversing a mere penny shy of T2, WEAT (Wheat ETP) has now pulled back to the former R1 resistance level which is now support. As such, WEAT offers an objective add-on or new long entry with a suggested stop on a daily close below 6.85 (which is 15 cents above the [...]