Sneaky Oat Bulls Kept This One Quiet!

CBOT:ZO1!   Oat Futures

A solid month for Oats! Sneaky Oat bulls have enjoyed a very rewarding month, but will it last? Oats tapped out at dual resistance yesterday at (1), where inside trendline (A) and 50% Fib level cross (1) taken from the highs of March 2014 and the lows of August 2016. A yearly rising wedge ( bearish reversal) pattern (A & B) in this monthly time frame stands out a mile, and the bears are just hoping this wedge pattern continues to form. They might be in for a bit of luck, at least for the short term. The wedge is perfectly located at the bottom of a trend that began back in early 2014, which tends to perform better. And with overbought signals screaming at us on the lower daily time frame, we can expect at the very least a breather from this relentless rally.


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