chartwatchers

WHEAT - New kid on the block

Long
OANDA:WHEATUSD   CFDs on Wheat
I've been watching wheat since its big pop in June. I will release a detailed report on the weekend. It seems to me the multi year bear market in wheat is over.
The last 2 months' decline after the big June bounce is not abnormal. We have seen similar things in other vehicles.
The reason I enter today is the Bollinger Band crash signal. I highlighted by green the previous BB crashes : they always ended up in bounces.
Yesterday we had a BB crash and today we started the bounce. As we are bouncing from a multi- month support zone this can turn out to be a bottom...

There is still a possibility we tag the 3.9$ zone ( previous DCL) so I'm not going into full position.
Have some dry powder if it continues to fall a bit more.