WHEAT - Continues Its Strong Rally, But May Be Getting Tired

The long trade in wheat has paid off very nicely and it has racked up some very nice profits.

The chart however is just starting to show some early signs of exhaustion and while this may be nothing more than a very short term pullback forthcoming, it is enough to warrant selling half the long position and moving the stop up to your break even point on the remaining half.

Should a decline develop and only be of a short duration, then we may entertain putting the second half of the position back into force, but for now, lets enjoy some of the very nice profits we have amassed and protect the remaining lot with a no risk break even sell order.