Last week I called the Oil bottom and reversal together with my bullish view in Wheat. I did not trade both but only WHEAT. Here are the two sms messages I sent to my subscribers regarding a wheat long future position opened and a long call option at 2.75$ priced now at 17$.
Oil is showing signs of being overbought in the daily chart. Bulls need to be cautious. Our target of 49-50$ has not been reached…..but we could see some more upside before a reversal.
Wheat has broken out of a long-term wedge pattern that started around 740$. This is my target.
At 550$ we could see a first pause in the rise of wheat price. Trend is clearly bullish and any pull back is a buying opportunity.
Thank you for taking the time to catch up on my thinking.