You can hardly get a simpler and less ambiguous recommendation than that.
After a 7 year bear market I think the time may have come for wheat to rise again. You can see a small monthly RSI divergence which has formed over the past 6 months and a larger hidden divergence which has formed over the past 5 years. Commercial buying is at historic levels and the...
- Chance for a doube bottom in July Wheat futures contract.
- Kumo is getting thin ahead
- Ichimoku setup slightly bearish, but may turn back to neutral.
- Heikin Ashi signal is buy for short term. The real test of bulls and bears will come at 515. If Price breaks above that horizontal key level, it will blow further up towards 600.
For a short term trade buy...
It looks it will further until 420 and would be a great buy there.
12% to go.
Note: I am not suggesting to sell here but if you do you need a tight stop.
Soybean Oil and Soybeans are turning bullish, Corn may follow it with a bullish break too. Wheat is certanly the weakest among the grains, the question is: can it stay bearish alone? I smell a small possible bear trap, let me show you why.
Weekly:
-Active bearish trend and bearish Ichimoku setup. Kumo top is at 600, downtrend line is catching down to Kumo.
-...
Wheat has been in free-fall since Dec. 19. After a strong buying day on Monday, sellers are keeping the price clamped down right at the 9 day EMA. This is one to watch as it's setting up for a possible rally if it can break through that resistance line.
Weekly (HA - left panel):
- It has been bearish dince the turndown 5-6 weeks ago afte weekly Kumo retest
- HA candle is bearish, but we have to check at week end again, as haDelta turning slightly up above SMA3
- If we won't see more push lower, then the higher low will be a warning signal for a possible reversal up again in coming weeks
Daily (HA - mid...
Wheat (ZWH2015) is trading below trendline and showing a reversal pattern. Selling at market (567'0 and targeting 536'0 by the 13Jan2015. I see weakness in the grain market (corn/wheat/oat)
First of all, let me call your attention to switch to weekly charts as well, as on those you will see how Wheat and Corn precisely turned down from weekly bearish key levels and started the correction phase. Now the big question is if correction was done, and we see a new buy wave, or more importantly if the next buy wave happens, will it end in new highs to keep...
...Wheat!
Wheat shorts were squeezed in last four days, and we saw an impressive jump in price. I still think this trend has chance to continue, but we need to be cautious here, as there is some weekly bearish support ard 600+ Price level (that is the forward Senkou B (Kumo top) line, which is the actual 52 days Price average), so it gets a bit harder to move...
Wheat looks more and more bullish.
After retest to Kumo and Kijun Sen it seems the third bullish wave has good chance to extend. Wave tgt 580-590.
Slow Stoch and DMI on buy too.
Next confirmation would be Chikou Span break above Kumo and Price close above 544 (previous high).
Actually it is nothing to write. We are waiting for tomorrow's reports. Magazines are full of wheat. Prayer for the severe winter is ... greatly appreciated.
thepatternsite.com
I'm not a big fan of overdone charts. If I want to know what price is doing I just study price, not indicators. Wheat reversal confirmed. I wouldn't touch other grains at this point. But wheat has huge upside potentials.
I should have put 4 Hrs chart on, but unfortunately here I have only EOD data. Anyway from daily chart everything is clear. Tgts may be 570 / 585.
On 4 Hrs time frame it is just about to give a bullish Kumo breakout signal.
p.s.: My beloved Corn is not following this agri move at all. Hopefully it will start moving up too, but Corn is still trading at its lows...
