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WEAT 3rd Price Target Hit for 10% Profit

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 strategically set slightly below the 8.50 horizontal resistance level in order to minimize missing a fill, should WEAT reversal just shy of resistance. That target is also subject to revision based on how the charts of $WHEAT (spot wheat prices) & wheat futures develop going forward. Previous & updated daily charts below:

note: As T3 was the final swing trade target, WEAT will be now be removed from the Active Trades- Long category but will remain an Active Long-Term Trade until either T4 is hit or WEAT prints a weekly close below the new suggested stop of 6.90 (just below the key 7.00 support level).

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4 Comments

  1. Dazi February 16, 2017 10:19 am at 10:19 am

    Took profit at 7.55 the other day.
    Thanks for the trade, Randy.

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  2. Gonewiththewind February 16, 2017 11:07 am at 11:07 am

    For what its worth, I see weat hitting your finally target. No position but I would have loved to futures trade this. Missed out. There is always a next time. Congrats for those that took it.

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    • rsotc February 16, 2017 12:06 pm at 12:06 pm

      Yes, the charts seem to indicate that T4 will be hit over time. However, my best guess is that WEAT pulls back or trades sideways (consolidates) for a bit soon before the next major advance.
      You’ll notice on that daily chart that I had set T3 slightly below the bottom of two horizontal resistance lines that are in close proximity to each other. I refer to that as a resistance zone.
      The top of that zone is 7.65 so my best guess would be that barring any brief intraday breaks above, the current advance in WEAT will be capped around that level, followed by a reaction (pullback and/or consolidation).
      I’ve left the positions in my long-term account alone & booked profits on the swing trade shares (deploying those funds into shorts on the broad markets & semis).

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  3. Eric K February 17, 2017 8:02 am at 8:02 am

    Nice trade. Thank you!

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