NFTRH+; A Setup in this ‘Ag’ Commodity

I just saw this yesterday after the markets closed. Of course today it is bouncing from support (and preferred buy level). I’d have rather bought it at the 200 day moving average but instead, chased the pop this morning. That is fine since it is not a large position and it’s part of a portfolio, not a stand alone trade.

Preamble aside, the preferred buy of WEAT would be at the SMA 200/support if it pulls back. 5.35 will probably be my tolerance on it. That allows a small gap at 5.42 to fill but does not allow for much lower.

I like the daily chart above and while the Public Optimism and CoT data are not compelling (but not yet bearish) the seasonal average is lined up now for Wheat, at least until November.  Worth a shot, thought I.

wheat

A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.