It seems that there's a big probability over 90% that the ZW1! is preparing to fly today. and this probability is verified by the most important and Fundamental line in this chart.
Wheat futures rallied last week as it was expected. Congrats on your profits! Wheat is one of my favorite instruments. It follows setups very well. Many traders focus on more volatile instruments. But that is wrong. As traders, we have to be focused on a less speculative instrument that gives a better risk/reward ratio. I believe the price will retest recent highs...
Technical analysis Great opportunities to short wheat at the key 0.618 fib level for a big move down all the way to 4.2820 at the 0.236 fib level. Minimum draw-down with stops placed safely above the summer highs. Entry: 5.3540 (On the 0.618 fib level) T/P: 4.2820 S/L: 5.6540
Is this too easy to predict using a charting principles or will wheat follow and break out later in the year? Wait and see.
3 good reasons why Wheat maybe heading higher. Also MACD is bullish, although RSI is undecided.
This is only a trading capability - no recommendation !!! Buying/Selling or even only watching is always your own responsibility ... .zip (with PDF`s) @ my Google Drive Closings Bullish (32 Commodities) drive.google.com Best regards :) Aaron