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 the sole profit target for this new swing trade set at 7.64. The suggested stop is any move below 6.80 with a suggested beta-adjustment of 1.2.
Updated weekly & daily charts of $WHEAT (wheat continuous contract, EOD chart) & WEAT (Wheat ETN). note: T4 at 8.44 remains the final target for the Long-term Trade on WEAT which had the same entry point of 6.93 as the previous swing trade.