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Take a look at this gigantic falling wedge in March Wheat and the
divergence in Stoch and StochRSI.
Perhaps it's time to take a closer look at what is happening in MAY
wheat...
As most of you probably know, a falling wedge is bullish and the divergence
we see in the oscillators, are also bullish. But we are still waiting for a
break out..
But if we look closer, we find that we yesterday broke out of a small 4 day
long BULLflag, with declining volume as confirmation. this bull flag has a
potential objective which is above the higher trendline in the falling
wedge.
We can also distinguish a larger rising BEARflagg. If we place a stop and
reverse just below the lower trendline we have a rather low risk high win
potential.
I think I will do that today!
Regards
Stig
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