Dec Wheat

After Fridays dramatic slide on the back of the USDA report on Monday/Tuesday we held at 650-o0 and much against the prevailing bearish fundamental sentiment we have seen a nice bounce off the blue CL and a hit on the 60min fork's CL.
My interpretation of price action on the blue CL is a 'Touch & reverse'
To me it seems as though against all fundamental reasoning we are going higher to test 680 and with corn testing yesterdays high at 495-0 and then the big 500-00 we now have a 100% RT (in Corn but only 50% in the beans) from Fridays sell off and higher levels beckon in all the grains. I went long on an expected breakout through a RL last nights closing session at 663-50
These markets can turn round and 'bite' very hard so care should be taken not to be over enthusiastic but remember Wheat, Beans & Corn are still oversold-- but if it looks like a nice little uptrend, smells & feels like and uptrend then it probably is an uptrend!