Bullish The Ags

Below are three charts. In technical analysis, wheat has a possible Double Top in place. There are no Triple Tops in technical analysis. With a major crop report out on Thursday, any retest of the old highs at 437.5-437.75 is a buying opportunity.

I am long March Wheat looking for much higher prices. I have already begun to roll out of March Wheat into July Wheat. In other words I am selling March Wheat to liquidate my long position and buying July Wheat to re-establish that long position.

Also included below are a couple of Ag stocks, Mosaic and Potash. Both stocks have Outside Reversal Higher formations in place today. This is a very bullish indicator. It is quite obvious that the stock traders are getting long the Ag stocks ahead of the crop report on Thursday.

Lastly…Potash pays a 6% dividend. If we get the sort of bullish 2017 grain move I am betting my money on, a stock like Potash would be a good investment.

WHEAT

MOSAIC

Bullish The Ags - POTASH
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Tony LaPorta

Tony LaPorta Futures Maven

Tony LaPorta has been active in the futures industry for over 36 years including membership at the Chicago Mercantile Exchange (CME) and the London International Financial Futures Exchange (LIFFE). Tony is an ex pit-trader turned screen-trader.

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