September Oats is building out a bullish Gartley pattern. A tombstone appeared today and a previous sell off suggesting a downward plunge. Next downside target is through R1 and towards pivot at 268. Open interest is rolling downwards. Oats needs to break R1 resistance and stay under to be favourable. Breaking and staying under the 20 day moving average would make this even better, but right now this has been a good support line as well. Oats has been using this line since May 19.
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Oats finally fell today off doji. Looking for downside to 268 to pivot. This market is still bullish so whipsaw could happen and up breakouts. Be cautious. Would like to see total fall to 248'6 for bullish Gartley. 20 day moving average may be too difficult to break completely. 20 day and down line of A and C are creating a triangle suggesting bullish trend.
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Oats fell today. 20 day still the important mark. Downside target 268
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Oats continuing decline. Next downside target still pivot at 268.
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Oats waiting for USDA report this week. Caught in a smaller and smaller wedge.
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Oats broke away to the downside. Next target 268 pivot.
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Oats keeps trending down. Target 249. Nearing oversold condition on RSI
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Oats getting closer to Gartley. Target 248