PerryWave

Bounce From Support and Breakout from Downward Channel

Long
CBOT:ZW1!   Wheat Futures
495-500 level proves to be a strong buy level and thus support, which it has bounced from in the past. (Outlined by green shaded line).

When Wheat is trending in one direction it typically remains within an upward or downward channel as you can see historically, as well as outlined by the shaded blue channel. As you can see, it has recently broken out of this channel.

These factors could mean a good trend reversal (long) setup, also with a good risk/reward if it goes to test the 580 resistance levels as it previously had.

What are your thoughts?

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