So is it time to buy? Wheat ended going on a tear today - straight up!!
Question is .... for all of you who didn't get in on the profits today, do you get in now and go long? Or do you wait for a Sell Signal and go short?
Hard to say - I did make some money today going long, but I TP wayyyyy too early. Anyway, now I'm in the same boat as you guys - get in...
It doesn't matter its overbought, the price continues rising. The war can create one-time only events in the markets. We've seen the Russian Moscow Exchange closed for more than 1 week, USD/RUB skyrocketing and commodities such as Wheat going up completely out of control. We bought Wheat more than a year ago and we've added more volume as the uptrend continued,...
This week i expect bearish short move on WHEAT as price finished its impulsive movement on the bullish market strucutre, price made a lot of bullish gaps on its way to the current price meaning it will go lower soon to fill those gaps.
On a long-term basis i am still bullish and i will look for LONGS once retracement ends, this is kind of a risky counter-trend...
"Margin pressures; How to survive in an over-provisioned environment." - Was the topic/title of a recent grain cash traders' conference. What does that tell you?...
In short, industry insiders do not expect to see daylight (i.e. profits) as far out as 2025! - And that concludes the essence of all that was said during that get-together.
(Try that on for ...
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
I've been watching wheat since its big pop in June. I will release a detailed report on the weekend. It seems to me the multi year bear market in wheat is over.
The last 2 months' decline after the big June bounce is not abnormal. We have seen similar things in other vehicles.
The reason I enter today is the Bollinger Band crash signal. I highlighted by green the...
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
