July Wheat Futures looking Bullish today. Picked up a micro contract ($10/pt) for 693 1/2 at 14:11 ET. Here's what I saw on the Daily chart:
- Bullish Engulfing candlestick pattern
- Bounce off previous Support/Resistance at 672 3/4
- Bounce off 50sma
- Close above 8ema
- Increased volume
Set the Stop just under the previous swing low at 639 1/2.
Targeting the 127.2% Fibonacci Extension which equals the D point of the AB=CD at 817 1/2.
Summary:
Entry: 693 1/2
Stop: 639
Target: 817
Risk: 693 1/2 - 639 = 54 1/2 * $10/pt = $545
Reward: 817 - 693 1/2 = 123 1/2 * $10/pt = $1,235
R:R = 1235/545 = 2.3:1 pretty good.
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