vlad.adrian

Technical analysis on wheat

CBOT:ZW1!   WHEAT FUTURES - ECBT
317 5 4
Looking back and finding patterns is always easy. The key is finding pattern at the right side of the chart. I posted a chart a few hours ago with what is happening right now in the wheat             market. This chart is just proof that technical analysis works on wheat             . The best patterns as you can see are classic technical analysis price formations like double tops and double bottoms, which are my favorites. When combined with false breakouts and divergences on the oscillators, the results are fantastic.
Important point is not just identifying technical patterns but to understand what stands behind those patterns - balance btwn demand and supply, traders and investors taking their decisions to buy and to sell, sentiment...
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On this chart I see mixed sentiment with buyers pushing from one side and bigger trend down that was recently broken up
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Another perspective from insidefutures http://insidefutures.com/article/1214860/Wheat%2520Futures%2520Chart%2520-%2520Pit%2520Chart%2520Trading%2520Low.html
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Hi , I am new to trading view and am quickly seeing how basic my technical skills are, but i have been in grain markets for 15 years . Beware mega volatility from here. A big corn crop in sates could drag wheat into oblivion . However Ukraine war could counter this as they are major exporters / producers of wheat, corn and barley! Would love to buy on a good sell down.
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Well, right now Wheat is at a buy zone, check the other chart linked up above "Double top in Wheat", so if there is a good daily signal theres no reason not to go long, as there is no serious bearish divergence on the weekly. However, I think it will go down a bit more, but that is just a hunch
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