Commodities are imploding all around but last week I could not resist taking NatGas (UNG) and today I added Wheat fund, WEAT.
The reasons? Pretty simple. It’s been hammered 35% from the high, I think the Ags in general (ref. GKX & DBA) are settling into support areas, although some of the seasonals don’t bottom until late summer.
Wheat, however, bottoms now, in July on average.
The daily chart shows a hard decline through the SMA 200 to the first support level at 8.25. Of course, there’s more and probably better support at 7.75. Presented in the event you might want to keep an eye on it.
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.