Same as corn. Bit of bullish bias now, but needs some more time
Weekly:
- We have a very precise downtrend line (with 5 tops), which is still far above recent weekly candle, but will be very important once again we get there. For now Ichimoku setup is still bearish, but as it failed to make a lower low below 463 key level, it may turn to neutral again within next few weeks.
- We possibly have a triple bottom in place! This is a very rare but very strong long term reversal pattern. Unfortunately by its nature the confirmation of this pattern would be a break above neckline: 565. That would also mean a trend break. So by then it will be obvious for 95 % of market players :-)
- Heikin Ashi makes a possible bullish signal this week: candle coulour changed to green and haDelta/SMA3 is trying to move higher again.
Daily:
- Sucah as Corn, Wheat shows same characteristics on daily. Neutral Ichimoku setup. Bullish break requires a trade and close above 520. That would open space to 565 target. Remember! 565 is a very important strategic level!
- Possible inverse Head and Shoulders pattern started to develop, as Price popped higher from Kumo bottom. 525 breakout would be the confirmation.
- Heikin Ashi is bullish.
I think Wheat is rather a buy too in short term. Maybe it will be even more buy in long ter... but until then we need to wait several more weeks.
- We have a very precise downtrend line (with 5 tops), which is still far above recent weekly candle, but will be very important once again we get there. For now Ichimoku setup is still bearish, but as it failed to make a lower low below 463 key level, it may turn to neutral again within next few weeks.
- We possibly have a triple bottom in place! This is a very rare but very strong long term reversal pattern. Unfortunately by its nature the confirmation of this pattern would be a break above neckline: 565. That would also mean a trend break. So by then it will be obvious for 95 % of market players :-)
- Heikin Ashi makes a possible bullish signal this week: candle coulour changed to green and haDelta/SMA3 is trying to move higher again.
Daily:
- Sucah as Corn, Wheat shows same characteristics on daily. Neutral Ichimoku setup. Bullish break requires a trade and close above 520. That would open space to 565 target. Remember! 565 is a very important strategic level!
- Possible inverse Head and Shoulders pattern started to develop, as Price popped higher from Kumo bottom. 525 breakout would be the confirmation.
- Heikin Ashi is bullish.
I think Wheat is rather a buy too in short term. Maybe it will be even more buy in long ter... but until then we need to wait several more weeks.
