Wheat first went up after a long period of preparation to hit and complete a Bullish .886 Harmonic BAMM before then coming back down, and now it looks like it wants to bounce back up from the same area due to there being Monthly Hidden Bullish Divergence at the Previous area of Support, though this time I will be targeting a relatively lower high such as the .786 retrace.
Medium-term deal on Wheat.
Entrance to retest M5 imbalance
The trend is downward, but the imbalance requires a corrective movement
input: 668.3 (on imbalance retest)
stop: 664.1
tp-1: 672.6
tp-2: 681.1
Chicago wheat tried to stage a Thursday recovery but faded a dime from the earlier highs to close 2 1/4 to 3 1/2 cents in the red. Spring wheat prices also faded 5-9 cents from their intra-day highs, but held onto 3 3/4 to 7 1/4 cent gains for the close. HRW futures extended the week’s pullback with another 5 3/4 to 7 1/2 cent losses on Thursday.
The weekly...
Hello fellow traders,
this idea is based on the support/resistance levels and candle formation. The price has bounced off the support level and reversal daily candle formed which suggest finally the trend is to change. The take profit at level of 700 being the psychological and resistance level tested previously. The trade is at 1:2 risk to reward ratio, always...
Key Takeaways
Wheat market is facing both bullish and bearish news, creating risks for traders and emphasizing the importance of risk management.
Hard red winter wheat crop is shorter than both USDA projections and trade expectations, but news of overpriced wheat in the US and milling wheat from Europe entering the market created bearish sentiment.
World markets,...
1. Bullish engulfing initiates support
2. Bullish engulfing confirms support
3. Double bottom established
4. First target and double bottom measured move at 720
5. Second target at 800
1. Bullish engulfing initiates support
2. Bullish engulfing confirms support
3. Double bottom established
4. First target and double bottom measured move at 720
5. Second target at 800
View On Wheat(16 May 2023)
Wheat is in
* Uptrend in short term (Intraweek)
* Uptrend in Mid term (Intramonth)
* Downtrend in Long term (Last 3 months)
We had a strong wake up call yesterday and it ends with bullish tones.
Now $640 region is acting as strong support and it can rise higher for now.
We shall see $700 region soon.
Let's see.
DYODD, all the...
WHEAT is on accumulation mode at the moment. The prospect for a big price shift is very high from a weekly perspective.
A revisit to 1k levels is possible within the year.
SEEDED L at 674.0
TAYOR.
• If price pushes up to and ideally just above our area of value and the majority of the move isn't impulsive, then I'll be looking to get short with a risk entry either after a phase line break on either the one hour or the fifteen minute chart, or after a one hour rejection from it.
• If my entry requirements are not met then I will simply wait until another...
• If price corrects and a larger one hour flag forms, then I'll be looking to get short with a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
• If price corrects and a tight flag forms, then I'll be looking to get short with a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
Quadrupple bottom forming in wheat with a higher high in the short term momentum.
Note that testing horizontal support for 4th time is also a sign of weakness.
However, the new high wave suggests upside is possible.
Play your entry and stops wisely.
Wheat looks bullish from a support zone of 775; a bullish rejection of the current candle in the area marked 5 will give a potential rise up to 784 for a bias of 788.66.
After the initial spike induced from the war creating a higher demand in wheat, we are now seeing a pullback from the highs.
Fibonacci levels line up pretty well with resistance and consolidation levels.
Good support around the $6.8 to $7 with first resistance being at the $8 level and heavy resistance at the $8.50 mark.
Keep in mind that after very quick moves...
Overview
The main view of this trade idea is on the Daily Chart.
The commodity Wheat is in a descending triangle setup, with the resistance trend line at lower highs of 949.08 and 798.34. These lower highs occurred on 10th October 2022 and 30th December 2022 respectively. The support line is observed around the 730 price level. Expectations are for the support...
![WHEAT: WHEAT accumulation is ON... /\](https://s3.tradingview.com/j/jPOngrhT_mid.png "WHEAT accumulation is ON... /\")
