Wheat has made a second run at overbought levels this year. We now look to sell wheat on the basis the top has formed and large area of 4 hour supply created. Bounces are predicted to occur on the resistance lines shown on the chart. A nice risk to reward ratio of 3.2.
We will look for a further short position on the beak of 4.60 ish level after reanalysis price action.
Happy trading.
We will look for a further short position on the beak of 4.60 ish level after reanalysis price action.
Happy trading.
Trade closed: stop reached:
Stop loss hit. We will look to re-enter the trade if we get a strong daily close rejection below prior high of 5.80