Bullish on AGRI - Wheat Shortage Play
Over the past couple of weeks, there have been a few sectors that have been impacted from the war between Russia & Ukraine. Wheat has been one that we have seen some volatility in. What I have here is just my personal opinion and is not financial advice.
I expect to see more rallies with AGRI because the wheat shortage concerns are still at play here. The uncertainties around global food shortages is still something that is to be concerned about and I believe AGRI stock price will benefit from this.
Based on the 4 Hour chart here, I currently see a Cup & Handle pattern at play. What I see is a double bottom bounce from the 3.20 zone which then failed to brake above the 5.15 successfully (followed by a long candle that broke 6 but closed bearish). It has slowly tapered off but the next few candles I expect for it to be a curve upwards to fulfill the cup & handle. If that does happen I expect it to need to break past a few price points before the next solid ride up.
1) I need to see it break above $5 which is where VWAP is
2) I would scale back some profits at $5.50 just to not be too greedy
3) Strong volume from here would then give us a chance to break and close above $6 from there I would say it has a chance at touching $7.
4) A break above $$7.15 would mean that it would broken the last high from (Oct 27th of last year)
I have an entry at $4.60 with the intention to swing this up above $6 with the hopes of reaching above $7.
*Not Financial Advice* - Simply enjoying the journey of learning & trading.
I expect to see more rallies with AGRI because the wheat shortage concerns are still at play here. The uncertainties around global food shortages is still something that is to be concerned about and I believe AGRI stock price will benefit from this.
Based on the 4 Hour chart here, I currently see a Cup & Handle pattern at play. What I see is a double bottom bounce from the 3.20 zone which then failed to brake above the 5.15 successfully (followed by a long candle that broke 6 but closed bearish). It has slowly tapered off but the next few candles I expect for it to be a curve upwards to fulfill the cup & handle. If that does happen I expect it to need to break past a few price points before the next solid ride up.
1) I need to see it break above $5 which is where VWAP is
2) I would scale back some profits at $5.50 just to not be too greedy
3) Strong volume from here would then give us a chance to break and close above $6 from there I would say it has a chance at touching $7.
4) A break above $$7.15 would mean that it would broken the last high from (Oct 27th of last year)
I have an entry at $4.60 with the intention to swing this up above $6 with the hopes of reaching above $7.
*Not Financial Advice* - Simply enjoying the journey of learning & trading.