Oversold: Wheat, Corn, Oil. NG. Looking to play wheat for a counter-trend. No position yet.
Copper will get some relief, but it is saying 'I want my $2.00' (currently 2.16)
Oil will get a bounce here, but will bang up on $65 and likely be sold back to 58.50
Soybeans is still cliff diving in the last 4 sessions. It might have more left but I've had my agony/fun with it (in that order). Closing short. [edit added link]
UNG could be setup for a quickie on the long side. It completed the measured move to 12 [edit added link]
Feeling Lucky? Commodity names on the long side for a quick swing trade. Feeling really lucky? Look at KWK long. Don't get greedy though. Counter-trend is dangerous enough as it is. More times than not being the first one there you will see that Wally World is closed for renovations. Sorry, uh-huh uh-huh uh-uh.
Disclaimer: +/- 50% margin of error. Author reserves the right to redefine 'quick swing trade' as necessary to make all calls good. Not available in stores.
