MadButcherWA

Oats looking to breakout of bottom

Long
CBOT:ZO1!   Oat Futures
Oats seems to be following wheat in that there is a similar bottoming pattern occurring that has been going on for several years now. And up angled wedge which has trend lines dating back to 2006 forming is reaching its pinnacle. There is a lot more action to the upper side of the triangle compared to the lower so I think the break out direction will be most likely to the upside. Short term target is along the fib levels at 321 and 357 (which also form zones of resistance) are achievable over the next 2 or so years. Long term I’ve put in an optimistic trend line which is indicated in purple. Let’s see if it holds.
Comment: Consolidation to the 200MA. The triangle is busted. Could well break lower.

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