Wednesday, June 3, 2020

July Wheat Got In My Face Update 8



We got the desired outcome discussed yesterday. We gapped up, then came back down and tested the intersection of the 2 Trend Lines again, took an excursion to the upside, but came back down to the 8ema and 3ema and closed just a teeny little bit over them.

Today's candle is probably best described as a Doji, which represents indecision. Indecision describes the past couple/few weeks in total. The good news is we didn't make a new low and we stayed within the triangle formation.

Stochastics still not overbought.

It was an easy decision to hold the position, but not yet confident we'll break to the upside.

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