Kumowizard
Long

Wheat - Will it go higher on short covering?

CBOT:ZWU2015   WHEAT FUTURES - ECBT
75 5 2
For info: as the July contract will expire next week, I placed September contract on the daily chart .

Weekly:
- Major trend is bearish , but Ichimoku setup has some neutral bias on the weekly. In the last 4 months wheat             has been trading around weekly Tenkan Sen, appr. 500 +/-
- Heikin Ashi shows undecision, haDelta has some positive divergence
- Right now from the weekly setup it is not possible to read with high confidence if price will continue bearish trend or if it will shoot back up to the Kumo again?

Daily:
- Ichimoku setup is neutral: Price is in/around the Kumo, trades at equilibrium now. Two days ago price made a higher low, so we have a minor bullish bias. Upper resistance is at 540.
- Heikin Ashi gave a reversal buy signal yesterday. haDelta/SMA3 back above zero line and Oscillator switched to bullish .
Now we have one question left: will it be able to break above Kijun Sen and the prompt Senkou B line?

I think 540-550 is possible to reach from this setup. The question is how to enter longs, as obviously our stop should not be lower than 485, while the basic rule is to reach a minimum 1:2 initially expected risk/reward ratio. So if anyone is thinking about a long position, optimal buy level would be 503-505.

Again, pls             note that I refer to September contracts which is +5 to the soon expiring July.
sorry, wheat.. but corn too :) its time to buy.. but but but.. :)
Reply
Kumowizard PRO MilanMihal68
Well, everybody who bought the breakout had the chance to use a trailing stop. It has become too volatile.
Reply
Hi, can u update these charts..? Corn is on very interesting levels ;)
Reply
Kumowizard PRO MilanMihal68
Yeah I will
Reply
This was a super cool call!!! Thanks a lot!
Reply
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
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