albert.callisto
Long

Wheat - Potential explosive breakout incoming

CBOT:ZW1!   Wheat Futures
134 3 8
A long-term chart shows that wheat             (yellow) is in a flat bottom triangle pattern and that it may soon break out of it. It may not be fully clear on the chart but the support is more and more being tested during the last weeks so the breakout could happen before this summer. The last triangle breakout occurred on a period from middle May to middle June 2012. The bigger triangle broke at the end of June 2010 in a more violent manner. Note that in June 2015 we were close from such conditions with a hit against the upper bound of the triangle.

Interestingly, the breakout were bullish in the two cases so I would rather bet on the bullish-side once again. However of course, if the price manages to break the deep layer of supporting lines, it could turn bearish and who knows in this market. As with other commodities , weather plays a large role as well as currencies, that's why I plot the pair EURUSD             . You can see some correlation, a breakout requires supportive monetary conditions and prices are likely to rise if EURUSD             is in a local bottom.
The best I can get is this:
snapshot
Reply
Cool view. Thanks for sharing. I also think that a breakout is near. Though my analyses couldn't anticipate the direction. Let's wait and bet for the winner.
Reply
Thanks, very much appreciated !
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out