WEAT (Wheat ETN) offers an objective long entry on this breakout above the downtrend line and will be added as an Active Long Swing Trade around current levels. The price targets for this trade are T1 at 5.66 and T2 at 5.93 with a suggested stop on a daily close below 5.07 (or higher, if only targeting T1). The suggested beta-adjusted position size for this trade is 1.0 (i.e.- a typical position size).
WEAT daily Aug 8th
/ZW wheat futures also offer an objective long entry on the break above this 60-min downtrend line that I’ve been highlighting recent with the next buy signal to come on a solid break above 500.688. (note: WEAT is the official proxy for the trade as some traders don’t have access to a futures account).
ZW 60-min Aug 8th