July Wheat created a bearish flag today. Next downside target is 428 which would make a bullish Bat. If it goes through that and continues further we would be entering a bullish butterfly.
Comment:
Wheat fell off of the bearish flag today. Tried to break 432 but couldn't quite make it there. Next downside target is 428. Wheat has created two flags in the last week and could continue this formation. Caution is needed.
Comment:
Short lived fall of Wheat to 432'6 off the flag. Started evening with an up buy. Still looking for a little more selling.
Trade closed: target reached:
Wheat has made it's numbers for a bullish Bat. USDA numbers for wheat plantings are under estimates. Looking for Wheat to rise. Next upside target for Wheat is 450
