In the December issue of the TMV Swing Trading Report I wrote this about how the December 6th reversal date could affect Wheat over the short-term.
March Wheat – Wheat is due for a corrective pullback after closing higher for eight days in a row. Today’s higher close pushed into a minor reversal Castle With Slide date that could set up a corrective pullback into the next reversal date, due on December 9th. I’ll wait for the pullback to offer a bullish signal pattern.
March Wheat rallied to a new high–$8.11–early in the December 7th session, before losing momentum and tumbling to $7.79 (as I write this commentary). The market is poised to continue the corrective pullback and could drop to the median line, currently at $7.63. This would present a new buying opportunity, if the market reaches the median line around the December 9th reversal date. I will have more information in the TMV Swing Trade Report.
