WZ10 – December Wheat (Last:716)

December Wheat (WZ10) price chart with targetsThe December contract has two ABC uptrends driving it right now, one big and one small, so wheat traders should be looking eagerly for a place to jump aboard.  Full disclosure: I am not a wheat trader.  I HATE wheat futures.  The little S.O.B. hits its targets, but the path it takes is often vexatious, if not to say downright bamboozling. So I’ll leave this one to you while noting that it looks possible to find camouflage on the hourly chart, so eager does this vehicle look to leap.  On the hourly chart, an entry signal was just tripped at 685.75, but the next will come on a breakout above a related midpoint at 706.50. _______ UPDATE (1:39 p.m. EDT):  The futures are currently at 716 after rallying as high as 721.75 earlier in the session.  If you caught the move, treat yourself to a Havana cigar, or take the Missus dancing.