The price is testing the 499'4 1W Resistance after a prolonged rise since the rebound on the 380'4 1W Support. We've made a Double Top on the 1D chart which remains bullish (RSI = 65.798, MACD = 12.030, ADX = 55.290, Highs/Lows = 2.8750). However MACD is forming a top on a bearish reversal pattern. We are expecting a strong rejection after that Double Top and our...
Hard Red Winter Wheat is trading within a Descending Triangle on 1M (RSI = 40.777, MACD = -11.870, Highs/Lows = -63.0357). This month has rebounded on the 382 1W Support marking the 3rd time it bounced on that level since May, practically making a technical Triple Bottom.
As seen on the chart it appears to be replicating the July 2018 - January 2019 pattern, when...
The price is trading on an irregular 1D Ascending Triangle (RSI = 55.404, MACD = 3.560, Highs/Lows = 0.0000). The supporting lines give an optimal long entry close to 500. TP = 517.
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Both TP =574.20 & 588.20 hit as the 1W Channel Up (MACD = 9.620, B/BP = 0.3280) made a 598.40 Higher High. It has since pulled back to make a Higher Low, which was most likely priced at 498.20. This commodity (Hard Red Winter Wheat) is on a very long term uptrend and we are now holding a long with TP = 569, 598 in extension.
1D Channel Up with support at 528.40 within a 1W Channel Up with support (Higher Low) at 510.00. Any of those can be used as stops on longs with targets = 574.20 & 588.20.
