The Hard Red Winter Wheat is trading sideways within a long term 1W Rectangle (RSI = 51.682, Williams = -53.356, CCI = 24.4952, Highs/Lows = 0.0000) and the High Volatility (ATR = 43.4643) sustains this movement. After a successful support test, we are long with TP = 562.60.
Potential trend change in wheat. Enter sell @ 578'2 I would enter with one contract now and wait for MACD confirmation before putting more on.
There is a good scalp opportunity for Kansas wheat futures. Showing a shooting start, obviously needs conformation, however its on a downward momentum for a short term shorting opportunity but the long term trend is going up!
Take care & analyzed it again - it`s always your decision ... (for a bigger picture zoom the chart) This is only a trading capability - no recommendation !!! Buying/Selling or even only watching is always your own responsibility ... 44 COMMODITIES of Chicago, New York & londo (MA 100 & 200 inside bearish) @ drive.google.com Best regards Aaron
The market completed a valid double bottom last week at the $4.00 level as this is an "emotional" number in the market. First area of resistance is going to be around the $4.30 range, and if we can close about that level I would imagine the market will make a run back into the $4.60 which is our next area of resistance. Let me know your thoughts.
The market is drastically oversold as we are right in the middle of wheat harvest in Kansas. I would expect to see a rally here back up into the $4.50's - $4.70's as that is a prior area of support/resistance and a 61.8 Fib Retracement. This would be a good place for farmers to look to sell or forward contract some more grain.
The market has made a new structure low and has become extremely oversold at this current level. Using Fib Extensions and Inversions I was able to draw a box between the 141 Extension and the 161.8 Inversion as a potential buying zone. If we can get some buyers I would see prices rallying back into the $4.40's to $4.50's range before potentially continuing a...
The market has made a new structure low on the daily timeframe. We had a bounce in price yesterday and I am predicting a retest of the $4.70's area which is a good area of prior support/resistance and would be 61.8 - 78.6 retracement. I only look at the Daily Time Frame for Grain and Cattle Commodities.