The WEAT (wheat ETN) Swing Trade & Long-term Trend Trade has just hit the first price target (T1) for a 7% profit since the last highlighted objective entry on the backtest of the downtrend line + price support 3-weeks ago (first chart below), with a swift move up (as expected) following today’s earlier breakout above R3. Previous (May 27th & today’s earlier chart) and updated 60-minute charts below.
WEAT 60m May 27th
WEAT 60m June 18th
WEAT 60m 2 June 18th
Depending on your trading plan, consider booking partial or full profits and/or raising stops, if holding out for any or all of the additional price targets. My personal preference is to sit tight & ride out any pullbacks for now, as the outlook for wheat on both the near-term & longer-term charts remains bullish at this time.