OATS (JUL3)

One of the most exciting chart pattern in grains market is in Oats July 2013 futures contract. This massive symmetrical triangle is likely to break upwards with strong momentum. I posted similar chart patterns earlier on Soy Meal, GBP and Copper. All of them formed perfect symmetrical triangles and were followed by strong breakouts. Oats is a good candidate for a medium/long-term directional move. Breakout above 400 levels will generate a buy signal and medium-term stop-loss will stand at 350 levels.