Now that I have figured out how to trade wheat (appreciate the feedback!
) I believe its time to go long:
- tried to push through resistance of around 440 level - at the very least, considering the fundamentals, we could re-test this level
- la nina coming in Oct/Nov, which should be bad for Aussie supply
- it appears the low of 386.6 may hold temporarily
- may see some temporary pressure, with wheat having closed almost flat week to week.
I may go long with a stop at the 393.6 level
Risk ~$500 per contract (40 ticks); reward ~$2000 per contract (160 ticks).
