WEAT (Wheat ETN) offers an objective long entry following this most recent divergent low + reversal off the 4.85-4.90ish key support level and will be added as an Active Long Swing Trade as well as a Long-Term (Trend) Trade around current levels. The price targets for this trade are T1 at 5.26, T2 at 5.50, T3 at 5.74, and T4 at 5.91. The suggested stop is any close below 4.90 and the suggested beta-adjusted position size for this trade is 1.0.
WEAT daily June 30th
In addition to the fact that WEAT has, once again, reversed off the same key support level that has been highlighted as an objective buy point several times over the past year, with wheat rallying about 20% off those prior pullbacks to support, the case for a long entry here can also be supported as /ZW (wheat futures) has made an impulsive breakout above the 492.424 resistance level following the recent divergent low on the 60-minute chart below.
ZW 60m June 30th