Paul_Wankmueller

Paul_Wankmueller Updated 

Taking a look at K23 Corn futures, a great risk to reward setup has shown itself. Looking back to the beginning of 2023, Corn has retreated to support, and held overnight(~650). Using a tight stop (644), one can surmise that you can risk ~6 to gain ~30, as 680 is previous resistance. Happy Trading!

Paul_Wankmueller Updated 

The Spoo ended the day trading near ~4100 giving the bulls some pause, but this is healthy in the long run. Looking back to the beginning of February, we saw a nice breakout of a year long downtrend at the ~4050 price, shifting the momentum for trend followers to the long side. Tomorrow will be extremely important, as 4100 is previous resistance (Dec 1). Will...

Paul_Wankmueller Updated 

From May12 - June 12, CME Bitcoin Futures saw a support level of ~28,000, which was broken on June 12 with a GAP lower. We have recently seen a CONSOLODATION PENNANT, formed with higher lows, and lower highs! Higher lows: ~18,500 June 30, ~18,830 July 13, ~20,700 July 26. The UPTREND line is drawn from ~18,830 to~20,700. Lower highs: ~24,300 July20, ~23350 July...

Paul_Wankmueller Updated 

This is a Sep 2022 (designated by the letter U in symbology) CME WTI Cl Futures chart. This is the first in a series, which is a Daily Chart describing SUPPORT levels. The second will be a more granular chart showing possible upside targets if the SUPPORT holds. We had quite the failure on Friday, reaching ~$102.00 intraday, and falling ever since. The large...

Paul_Wankmueller Updated 

This is a Sep 2022 (designated by the letter U in symbology) CME WTI Cl Futures chart. This is the first in a series, which is a Daily Chart describing SUPPORT levels. The second will be a more granular chart showing possible upside targets if the SUPPORT holds. We had quite the failure on Friday, reaching ~$102.00 intraday, and falling ever since. The large...

Paul_Wankmueller Updated 

Crude Oil Futures saw a high (~$123.00) on June 14, 2022, and have been retreating ever since. I am not in the fashion of calling bottoms, but there has been some nice consolidation over the past 2 weeks! July 14th saw a recent low (~$90.50), and we have not tested that area yet! Here is what the charts are telling me: 1. The downtrend line from that June 14...

01:33

Paul_Wankmueller Updated 

Paul Wankmueller CMT of Blue Line Futures sees a Head and Shoulders Top in December 2022 CBOT Wheat. Feel free to reach out with any Technical Analysis Questions! Today Wheat broke through the neckline of a Head & Shoulders top with conviction, confirming the pattern. Using the distance between the neckline and the top of the head, the continuation can conclude...

Paul_Wankmueller Updated 

There are a few things to note with WTI Crude this morning. -On a Daily chart, it is still in a Primary Uptrend: (The Primary trend is inviolate, i.e., cannot be manipulated. This is the longest-term trend and can last years) -On a Daily chart, it is still above the Ichimoku Cloud. -On a Daily chart, it is still above the Primary Up Trend Line, and is bouncing...

01:18

Paul_Wankmueller Updated 

Drawing a Fibonacci Retracement from the low of 17.36 made on Feb 3, to the high of 20.46 made on April 13, we have retraced 61.8% of the up move. 18.54 is that level, which was also the low of the day yesterday, May 4, 2022. This is the line in the sand for bulls, but considering it held, and we are about to poke our head out above the Ichimoku Cloud, the odds...

01:11

Paul_Wankmueller Updated 

RSI is not near levels of previous lows. Tune in to why I think the bottom is not in yet for CME May 22' Bitcoin Futures.

Paul_Wankmueller Updated 

Going back to November 18, 2021, July 22’ Sugar was in a downtrend, which was broken on Mar 1, 2022 with a close of 18.12. This began a new Primary uptrend, remaining intact until April 20, 2022. Even though this trendline was broken with conviction (closing on the lows of the day April 20), the market rallied on April 21, closing at 19.81 (6 ticks from the...

Paul_Wankmueller

FOMO. Fear of Missing Out. We have all heard this phrase. It could pertain to that VERY LAST concert of your favorite band in the middle of the week and coming late to work the next day. Scrolling through Instagram and making a split-second purchase that never works out. We get the idea. I can feel FOMO’s omnipresence in the trading world right now. We have...

Paul_Wankmueller

Recently, the CME April 22' Micro Bitcoin Futures contract witnessed a positive MACD divergence. The low on April 11 was repeated on April 12 (Shown with green arrows). However, the MACD (Moving Average Convergence Divergence) was higher on at the same price level on April 12, than it was on April 11. This is called positive divergence. The 12 period (in this...

00:29

Paul_Wankmueller

April Bitcoin Futures are trading at the 50% Fibonacci Retracement Level (~40,500) This level MUST hold today on a closing basis. If the level does NOT hold, ~$38,000 is the next stop! -Paul Wankmueller CMT

00:52

Paul_Wankmueller

April 22' CME Micro Ethereum Futures' advance was halted at the 50% Fibonacci Retracement level (3544) Old resistance around 3222 (.382 level) has now become support and NEEDS to hold in order to keep the bull trend alive. If this fails, I could see it falling to the 2650 area, which would be the last line in the sand for the bulls. -Paul Wankmueller

Paul_Wankmueller

The Apr 22’ CME ETH Futures contract is currently hovering at the 50% Fibonacci Retracement (Drawn from the Nov 17, 21’ high of 4920 – Jan 24th 22’ low of 2160) This is an area of resistance. If Cleared the .618 retracement of 3868 would be the next logical level for ETH to trade.

Paul_Wankmueller

Trendline – Drawn from the low made on Feb 24, connecting to the lows made on Mar 13 & 15. MACD – Negative Divergence. Even though we made a higher high on Mar 28 than seen on Mar 2, there was a lower MACD produced. Usually we like to see the MACD make higher highs, as the underlying instrument makes higher highs. Gap- The Gap created on Mar 27 has been...

Paul_Wankmueller

Friday Feb 24 we saw a Bullish Hammer Doji on a daily, marking a higher low, 34320, and we have not seen that level tested since! The Mar contract has not been able to breach the High of 45965 from Feb 10 and that has kept us a little more neutral rather than outright bullish. We would like see it close above 45965 to confirm a new bull leg.