After stalling out about halfway to the second price target last week, /ZW wheat closed backtesting the downtrend line on Friday & gapped below it today, thereby triggering most reasonable stops for an active swing trade long entry taken on last week’s breakout above the downtrend line. However, for longer-term swing & trend traders that are giving the position a little more room, /ZW is at rarely seen oversold levels (yellow circles on RSI below) that are typically followed by an immediate snap-back rally. Ditto for WEAT (wheat ETN). 60-minute chart below.
ZW 60m July 6th