-Active and setup. Kumo top is at 600, downtrend line is catching down to Kumo.
- Weekly Hikin Ashi candle turns with haDelta cross
- Now the major question is if Wheat can continue its making lower low in coming weeks, or else it prints a higher low and starts consolidation still within the trend channel.
- Actually on the daily time frame we see soemthing interesting. The horizontal key resistance below the Kumo blocked the extension yesterday. If Price can not make a lower low, then the Kumo breakout won't be validated, Chikou will hit Price candles, and market will pull back towards the Kumo again, turning picture back to neutral. In this case we may see a short term , with a possible measured target to ard 580.
- Heikin Ashi can print a reversal signal today in form of a green candle. haDelta has also given a signal of decreasing momentum.
- Starting from 510 and especially above 520 bears can get nervous.
Strategy: Defenately Corn , Soybean Oil and Soybeans have been (and still are) better candidates for long, but given the daily possible Heikin Ashi reversal signal, I try some bottom fishing in Wheat as well. I opened small long position with stop below 490. First tgt is 540, second tgt is 580.