Wheat Futures—Wheat futures in the December contract is trading higher for the 2nd consecutive session up another $0.08 at 5.81 a bushel starting the week off on a positive note this Monday afternoon in Chicago as prices are right near a 9-month high.
I have been recommending a bullish position over the last several weeks from around the 5.40 level and if you took that trade continue to place the stop-loss under the 10-day low which stands at 5.37 as the chart structure will not improve for another 5 trading sessions so you will have to accept the monetary risk at this time.
The volatility remains high as prices look to test the $6 soon in my opinion as prices still have room to run to the upside. Wheat prices are trading above their 20 & 100 day moving average as the trend continues to climb higher as the uptrend line on the daily chart remains intact so stay long as I see no reason to be short while continuing to place the proper stop loss.
CHART STRUCTURE: SOLID
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