During the trading session of June 7, 2011 the TMV Swing Trade report was short three July Wheat and I posted a blog and chart with the following message –
TMV Swing Trade report – short July Wheat @ $7.52 1/2 – current price @ $7.37 – Wheat traded sharply after the opening of the day session and reached a low of $7.34 1/2–missing the projected target by 1/2 – cent. I consider this close enough. Exit the short position at the market and look to re-enter after a corrective bounce.
I thought you would be interested to see the market action that followed the recommendation to exit the short position at $7.37 or lower. As you can see on the chart, Wheat had traded through the downward sloping median line, but found support at a previous demand level. The market rallied off support and has since formed a bullish TR pattern, setting up a possible price advance next week. Wheat closed Friday’s session at $7.59….22-cents off the exit price.
