Kumowizard

Wheat,Corn,Soybeans - So far a pull back

CBOT:ZW1!   WHEAT FUTURES - ECBT
73 5 0
First of all, let me call your attention to switch to weekly charts as well, as on those you will see how Wheat             and Corn             precisely turned down from weekly bearish key levels and started the correction phase. Now the big question is if correction was done, and we see a new buy wave, or more importantly if the next buy wave happens, will it end in new highs to keep the daily trends alive?

Soybeans: Let's start with this lazy one. Simple, as there is no trend at all. DMI             is zig-zag , with a super low ADX, Price is trading in the Kumo, all Ichimoku lines are flat, and Chikou Span hit Price candles. The range is still 1000 - 1050. A trend trader is not touching something like this. A swing trader could buy here at the range bottom wit a stop below 992.

Corn: The trend is still bullish , and actually Corn             has the best behaviour so far. Price retested exactly Kijun Sen, and popped up again. With Slow Stoch turning up, we will likely move higher again short term.
Support is 388-392. For longs I recommend to place a stop at/below 379.

Wheat: Might be a buy here, but Ichimoku indicators suggest to be cautious. Tenkan/Kijun is on weak Sell signal, Price is below Kijun Sen, future Kumo overshades Price and Chikou lost its open space.
However the trend and horizontal support at 566-570 is still strong.
Olu
2 years ago
Thanks for these charts. I put out an idea yesterday that corn was going down based on the massive bearish weekly candle we just saw. You have raised a good point. Retracement or the beginning of a move lower. If the high of the bearish candle is taken out I will abandon my own idea and jump in with both feet. By the way how do you get multiple ideas on the same trade idea?
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Kumowizard PRO Olu
2 years ago
I'm sorry, but could you pls explain your question? I do not really understand what you mean by "multiple ideas on the same trade idea"
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Olu Kumowizard
2 years ago
sorry i meant 'multiple charts' on the same trade idea
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Kumowizard PRO Olu
2 years ago
You need to have a subscription to be able to use this function on the charts. If u subscribe to Pro level, you can use multiple charts in one idea. U can switch it in the left bottom corner of the chart.
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Olu Kumowizard
2 years ago
i get it. I will consider subscribing
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