Action for Level 3 Subscribers: Sell to open 1 contract in the May Wheat Futures (WK14) at 665. This just flashed an overbought signal and we want to short the contract. Wheat has rallied over +100 points off it’s January low near 550 and way overdue for a retracement. We’ll place GTC Buy to Close order at 658 and take a quick +7 point profit if touched today.
Update 1:05 CST: Closed position at 662.50. Prices missed our target by 0.25 (25 cents) and reversed higher so we are locking in the +2.50 point gain and will look for another entry. We don’t want a winner turn into a loser.