TMV Swing trade report – In the last issue I made a recommendation to buy the December Wheat at $7.29 1/2 0r lower. The correct price is $7.69 1/2.
December Wheat – We closed a very good long position in the December Wheat last week, when the market pulled back to test 20-day SMA support. The market opened higher on Monday, but faded into the close as it approaches a projected reversal date on Tuesday. I view this as another buying opportunity. Buy Wheat at $7.69 ½ or lower, with the stop loss at $6.97 1/2.