See how easy that was? Back on 6-19 I wrote about how the wheat chart was looking constructive and ripe for a reversal. Seasonality be damned as the wheat speculators have been out in force driving the price up to my target and even higher, more than 20% in two short weeks.
Is this sustainable? Not likely but it doesn’t mean it’s done as the markets can stay irrational longer than you can imagine. I would love to see this pullback, create a higher low as it would then allow those that missed out another opportunity to enter as it looks like it wants to run for a while. Congratulations to those that took the trade but it’s time to heed one of our sacred investing rules of not letting a profit turn into a loss so consider taking profits and/or tightening up stops.