Wheat - Weekly - Awesome chart!

This is one of my favorite commodities to trade. Really beautiful moves.
I think this is still going to sell for a bit and go and test the trend line .

Now, certainly, looking at the Bollinger Bands , then it seems that there is quite a bit of space for it to drop lower and test those bottom levels. That is if it will close below the trend line on a Weekly.
If that trend line will be a strong support for it, we could see a nice reversal to the upside. If it does that, I would still be a bit cautious and if you have placed a BUY position from the trend line , then once it reached 23.6% retracement, I would look how it is reacting. If you have a few positions, you can take off half and let the other half roll, but with a stop-loss that closes in little profit (closer to the entry price). But then again, you do what ever you want. This is just an idea.

Happy trading and keep an eye on the price action!
Good prediction, but shows how hard it is to make it at the right time. Thanks.
@andmk2, Thank you for the comment.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out