After a 3drive in the daily TF and reaching the origin of the upward movement, there is an expectation of a rise to the $914 zone. Before that, $883 will appear as an important resistance.
So don't forget position management...
On Monday, Ukraine struck several Russian ships-turned-submarines, Russia wanted to withdraw from its grain corridor agreement. Earlier today, Turkey has re-emphasized that corridor will remain in place. Both news had major impact easily seen in the Wheat futures charts.
I think it will calm for a few weeks ahead now. Random unscheduled news are more likely to be...
Here I lay out my trade idea for Wheat.
Given Global Macro events, technical patterns and indicators, I see a long here.
3:1 RR
1% Risked.
Let's see where this goes!
My backtests, September and October are not good months for long swing trading, but Im finding some reason from last WASDE reports
*****************September release on wheat
– U.S. wheat outlook for supply and use is unchanged this month
– Global wheat outlook raises supplies, consumption, exports, and ending stocks this month, as production increases for...
Not so nice and jolting "pumps" on the chart of wheat. It means that all of these assymetrical, not impulsive price pumps have corrective role. Obvious, because all of these are moving in one nice and clear corrective channel. I'm waiting for the last HH. Bullish, than bearish
Wheat surged $60 last night as Russia annouced votes in the local donbas regions they control in Ukraine. Critical to the wheat exports the port in that area also means perhaps sanctions and increased fighting may hurt global supply already under pressure.
Adding to momentum is global headline news about beer shortages which adds to the grain rally.
As long as...
Wheat got nuked in late May, as it re-tested the high. It did a full retrace, -36%. Impressive even for meme stocks let alone one of the most precious commodities on the planet.
Wheat has spent Jul and Aug in the area of intense demand, which just happens to be around EMA(100) , from what I can see everyone is waiting for first harvest numbers to start sending...
Technicals: After large rally in the beginning of the year followed by similar drop over the past months, Wheat has been consolidating in 750-850 range. From the technical perspective, I am missing a convincing rejection of the lower lows before a rally can take place. However if the fundamentals were strong enough, they would subsidize for such price action.
...
I think that with the end of the grain shipment in Ukraine, the direction of wheat will move up again around the world. Indicators have started to produce buy signals and can be bought and held in the long run.not investment advice
I've been watching Wheat and Soy for a couple of weeks here as I've never traded them. I feel like I have a decent enough understanding of how they move to attempt and entry today.
Got a bullish signal with price action context for a potential long trade, looking for retracement entry.
Techically speaking, my perspective to go LONG:
1. Touched a strong rising trendline (white oblique line)
2. Price on 0.618 Fibonacci level
3. There are a lot of supports below current price than resistances above (horizontal red lines on charts)
4. Price is close to important volume cluster
5. Buying divergence in RSI indicator
6. Daily volume falling during the...
WHEAT has fallen back to long-term support line and MACD is showing signs that selling pressure is slowing down. Price rise could follow after MACD crosses up bullish.
