Kumowizard

Wheat - Bears need to be cautious! Bearish bias may soften

CBOT:ZW1!   Wheat Futures
76 1 3
Weekly (HA - left panel):
- It has been bearish dince the turndown 5-6 weeks ago afte weekly Kumo retest
- HA candle is bearish , but we have to check at week end again, as haDelta turning slightly up above SMA3
- If we won't see more push lower, then the higher low will be a warning signal for a possible reversal up again in coming weeks

Daily (HA - mid panel):
This was a nice bearish trend , and actually Ichimoku setup is still very bearish , however today's candle is the first warning signal for bears, that we may see a short term bottom here as selling pressure eases. This is the first Heiken Ashi candle with both upper and lower wicks, its body is within the body of previous candles'. Same time haDelta is further up above SMA3, both lines have slight bullish divergence . All in all it looks like there is a chance for either some consolidation ard             500 (+/-) or maybe we see a pull back towards Kijun Sen.

Daily (regular candles and with volume - right panel):
Few warning signals here as well which may also indicate the bearish bias may ease a bit:
- MACD lines started to converge, watch if it crosses back up! Slow Stoch has been oversold
- despite yesterday's bearish candle the volume was very low! Let's see how the volume will be today with a green candle
- The short term steep downtrend line (if it is correct woth touch points) may be broken. A spike and close above Tenkan Sen would confirm it.
neat!
i hope you are right and zw drags along other grains.
interesting note regarding volume. most ag's had the same patter ytday (i.e. big drop, low volume)
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