Wheat - Will it go higher on short covering?

75 5 2
For info: as the July contract will expire next week, I placed September contract on the daily chart .

- 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?

- 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.. :)
Kumowizard MilanMihal68
Well, everybody who bought the breakout had the chance to use a trailing stop. It has become too volatile.
Hi, can u update these charts..? Corn is on very interesting levels ;)
Kumowizard MilanMihal68
Yeah I will
This was a super cool call!!! Thanks a lot!