Capitulation on wheat?

Here’s one of the many quotes from twitter in response to it’s -2.5% move yesterday.

———-

Tregg Cronin @5thWave_tcronin

I’m convinced nothing will make wheat rally ever again. Canceled certs. Export biz. Winterkill/drought talk. Record Chinese $. Nuttin

———-

Feels like hints, if not outright capitulation.

As you’ve seen in the past week Ive been buying wheat like a madman with the largest addition to the position being yesterday in the last hour of trading.

RSI is not a stand-alone indicator but sometimes i like to use it in conjunction with other tools. But RSI is now the most oversold it’s been since 2009 and before that 1990..

 

wheat chart

The best charting teacher I know:
The Morning Analysis Service by Paul Coghlan
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