Last week I called the Oil bottom and reversal together with my bullish view in Wheat. I did not trade both but only Wheat.
Oil is showing signs of being overbought on the daily chart. Bulls need to be cautious. Our target of $49-$50 has not been reached… but we could see some more upside before a reversal.
Wheat has broken out of a long-term wedge pattern that started around $740. This is my target.
At $550 we could see a first pause in the rise of wheat price. Trend is clearly bullish and any pull back is a buying opportunity.
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