Recent rains in southern Plains after dry conditions following colder than usual winter in top US wheat growing states has improved US wheat crop outlook. Colder winter has slowed crop development, limiting crop’s water needs, and more rains support better crop outlook which is for wheat prices.
On the WHTUSD ,D is trading with negative bias after retracing higher following the decline from eight-month high in mid-July. The price has fallen below the support line.
The channel gives a signal: it is tilted lower.
The indicator gives a signal: it is below the signal line and the gap is widening.
It looks like the momentum will continue after the price closes below the lower bound at 452. A price point below that level can be used as an entry point for a pending order to sell. The stop loss can be placed above the last high at 501.2. If the price meets the stop loss level (501.2) without reaching the order (452), I recommend cancelling the order: the market sustains internal changes which were not taken into account.
Sell stop Below 452
Stop loss Above 501.2