Wheat is once again at a critical point in my opinion.
The trend on the 4h time frame (TF) is strongly bearish for the past week.
However on the weekly TF is bullish showing higher highs and higher lows.
Right now price following the bearish trend (shown in green) reached the strong support and the 200MA (yellow thick and green thin continues line).
What I wait to see is first of all if the price will break the support and drop further. If it does so the next support is around $5.225.
When these lines are written we have a rejection of this level. If price holds we will have a reversal and we will see a bullish move short-term.
So as always in trading, we wait, we monitor closely and have our finger on the trigger!
We will find out soon enough I think.
Good luck traders
Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attracting comments and perhaps become a better trader.
The trend on the 4h time frame (TF) is strongly bearish for the past week.
However on the weekly TF is bullish showing higher highs and higher lows.
Right now price following the bearish trend (shown in green) reached the strong support and the 200MA (yellow thick and green thin continues line).
What I wait to see is first of all if the price will break the support and drop further. If it does so the next support is around $5.225.
When these lines are written we have a rejection of this level. If price holds we will have a reversal and we will see a bullish move short-term.
So as always in trading, we wait, we monitor closely and have our finger on the trigger!
We will find out soon enough I think.
Good luck traders
Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attracting comments and perhaps become a better trader.
