Wheat (ZW1!) has been trading within a Channel Down pattern since July 2022 and since early December has failed repeatedly to detach itself above the 1D MA200 (orange trend-line). Since it is closer to the top (Lower Highs trend-line) of the pattern and it resembles the February 14 High, we expect a strong selling sequence if the price breaks below the 1D MA50...
On the daily, the 20MA is about to cross up over the 100. This after bouncing off the .618 Fib as support. While commentary is mostly still at least slightly bearish on Wheat, or at least not bullish, due to ample supply, there are several obvious factors going forward that make continued record production uncertain. Furthermore, the real cost of producing wheat,...
sell Dec. wheat at 5.45 stop
**Trading commodity futures and options involves substantial risk of loss.
The recommendations contained in this letter is of opinion only and
does not guarantee any profits. These are risky markets and only
risk capital should be used. Past performance is not indicative of future results**
hypothetical performance results have many...
Wheat is forming a bottom , especially in daily a double bottom has already been formed , also a wedge formation is looking really good , waiting for bullish 2024 .
My current trade idea on the wheat mini futures to short given the strong bearish trend and a bear flag after buyers have failed to keep the buying momentum going even some fundamental issues putting pressure on the wheat market such as a surplus of wheat.
CBOT:ZW1! CBOT_MINI:XW1! AMEX:WEAT
Day view, hour frame.
Shorting below 570 SQ9 level, only after market open at 15h30 UTC+1 and if below 570 is confirmed.
Reasons:
- on a very wide view, d ZW1 Elliott master trend counting seems to be askng for new lows
back to today ZWZ hour frame:
- we are below Pivot level 579.50
- Yellow asc 1/1 as bull support brokne at friay open, confirmed so far with...
$ZW_F looks like a possible trend reversal in weekly scale, taking place after holding long term support from where the previous huge rally took off...
Certainly an interesting reward to risk vs probability of success here.
Your risk is a meager 88 ticks to make between 188 and 497 ticks if the setup works.
Best of luck!
Cheers,
Ivan Labrie.
Hello to all investors, according to my previous studies and according to my experience as a trader, I see a good investment opportunity with a high probability of success, the details are reflected in the graph
4 hour TrendCloud Crossover
1 hour TrendCloud downtrend
30 min supply zone.
CCI is slightly against us but we are taking a 1% risk on this trade to the downside for a 2:1 target.
- Wheat trades below the average price
- War in Ukraine doesn't help, though both sides sell at discounted prices
- Some bulls seem to wander around
- If price breaks up through 581, most likely we will see return to growth.
Wheat futures have broken out of a falling wedge pattern on positive divergence. The price broke out of the wedge to the upside, then it back-tested the wedge from above, and proceeded to move up aggressively today. This is an objective buy signal.
The most common investment vehicle for this trade is WEAT, an ETN backed by wheat futures.
Hello,Traders!
WHEAT is retesting a broken
Key horizontal level of 580'0
Which is now a resistance
And as wheat is in the
Local downtrend I am
Bearish biased so I will
Be expecting a move down
Sell!
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