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