/ZW (wheat futures) just broke below the 492 support which it had been successfully testing recently. This breakdown is bearish & could lead to more downside, however, should this prove to be a false breakdown with /ZW snapping back above that level with conviction soon, that would be quite bullish. As such, I’ll be monitoring the charts of wheat closely & might add WEAT (wheat ETN) as an official trade (it has only been highlighted as an unofficial trade idea recently) should the bullish scenario start to materialize.
ZW 60-min July 22nd