WEAT (Wheat ETP) offers an objective long entry here on the breakout above this bullish falling wedge pattern. Those preferring to take quick profits could target R1 which is the 7.00 resistance level where a reaction is likely.


The current final target is T3 at 7.61 (set slightly below the 7.65-7.70 resistance zone) with a potential additional target around the 8.50 level, depending on how the charts of wheat develop going forward. The maximum suggested stop is a daily close below 6.70 with a suggested beta adjustment of 1.0 (i.e.- a typical position size). As the case for a lasting bottom & long-term uptrend in wheat prices can be made viewing the 10-year chart above, WEAT will also be added as a Long-Term Trade idea in addition to a Swing Trade.