Wheat just completed a bottom head and shoulder formation on the daily, weekly and monthly charts. It looks to be targeting $8.00.
Few things to note about this trade.
It completed its pattern while closing at a multi year high.
All of the other agricultural products have bullish chart formations.
The risk/reward is about as good as it gets. If I am right about this bull run, this will be $9,500 profit per contract with a risk of $1,700 per contract.
I went long at 6.075. Stop was set at 5.75 with a target of 8.