Nov Rough Rice broke out of its triangle in strong fashion on August 21, creating a potential long setup—especially following the retest of the triangle on August 25. Since then, price rallied nicely but recently ran into the weekly chart resistance level 16.05 and then turned down.
As mentioned previous issues of this letter, if you’re paper trading this move, consider trailing your stop to just below the Sept. 4 low to help protect the position while still giving the trade some room to develop.
Dec Soybean Meal made a new #1 top point at 375.6 (on September 17). Keep watching for all of the 1-2-3 strategy criteria to be met.
Dec 10-Year T-Note made a new contract low on September 15 at 105-210. I'm still watching for a possible trading opportunity.
Mar Sugar #11 made a #1 top point at 19.90 (the high on Sept. 10). Keep watching for all of the 1-2-3 strategy criteria to be met.