Member @jfalck asked for an update on WEAT (wheat ETN) over the weekend & my reply was:
…I think it looks bullish with more upside in the coming weeks/months. WEAT closed just below the 5.28 resistance with the next buy signal to come on a solid break and/or close above that level. In fact, I’ve been trying to find the time for an update on many of the ag commodities that interesting so I’ll try to post this update on WEAT and some others on the site early next/this week.
…along with the second chart below (screen taken yesterday reflecting Friday’s close) with the first chart below the same daily chart that was posted towards the bottom of the Sept 9th Stock Market, Metals, Commodities, Bitcoin & T-Bond Analysis post, which included video coverage of WEAT along with chart screenshots of both WEAT & /ZW (wheat futures).
As the updated (3rd) chart above shows, so far WEAT is playing out as expected. First, with a breakout above the downtrend line later that same day after WEAT was highlighted in that Sept 9th post with a follow-up impulsive gap up above the trendline the following day. From there, WEAT hit the first target (R line at 5.28) followed by the typical reaction & triggering the next buy signal/objective long entry today on the impulsive breakout of that 5.28 resistance level. However, /ZW wheat futures just hit the 499.222 R level on today’s pop & may need to take a breather before taking that level out & running up to the next target around 512 as shown in the updated (2nd) chart below.