From $13 down to $3.70 wheat has been battered for the last 9 years - but the years of pain for farmers and wheat bulls all over the world look like coming to an end soon. Here's a trade set-up for May
It is clear that a reversal on WHEAT -0.60% will occur very soon. WHEAT -0.60% is dealing with the 10 years lows and has reached an area of supply/demand from the back of the 2005. Price has also met an old trend, confirming the importance of the area. Moreover we can see that a bullish Wolfe wave is being taken place. Despite that, an excess is still...
Long and Short. Bull Garthley completed. Price in PRZ at moment. Looking at extended target to complete D leg of a bear cypher. See chart for entries and targets. On Garthley move I would move move stop to break even once above .382 fib line.
This is purely a technical view as I am not familiar with wheat fundamentals (Ag fundamentalists please chime in I would love for this to be a learning experience for me); This is however my view of a potential technical validation of the Demand Exchange at 4.07 based on my general view of commodities/dx/oil over the next couple of months as I see a potential pop...
I think Wheat is currently in a corrective structure. It may form a cup and handle formation. I`m looking for a potential reversal candle to enter long.
Keeping a very watchful eye on wheat!!! I believe that there is an explosive move on the way which may be a long drawn out corrective cycle depicted in the chart, after spiraling down for the past five years. We have recently hit what seemed to be a good double bottom here which failed to breakout leading me to believe there could be a third so maybe third time...
guessing were all waiting on the big wheat up move breakout but it may not happen yet. could be looking short for the time being, wait for trendline breakout confirmation before shorting
Not too much to say other than judging by past spikes and take profit at next major resistance area
The price broke out of the consolidation zone. The 200 Ema is pointing higher which indicate the market is preparing to go in long term uptrend. Set a limit order at the highlighted area which was activated.The volume is increasing as well.
chart is on a ascending channel and the last candle show it intend to falling .... lets see what will happen... sell after passing of channel toward down .... buy if big bullish candle
possibly to rebound and continue the rise trend
Bollinger bands breakout with shooting star on weekly timeframe (similar bearish breakout already confirmed on the daily). BB are going wider after squeeze = increased volatility ahead = potential sharp reversal.
Bull Bat Pattern Completion on Wheat
bottomed at 3.7, wheat has break through the trading range in 3.7-4.15, reach a new high in two recent trading days. Keeping long position :)