Idea on US Wheat: Head & Shoulders pattern
- Strong support at $6.80/bu with strong rejection candlesticks (hammer)
- Bullish engulfing on this support
- Rebound on the 150 Exponential Moving Average
- Broke up the 100 Exponential Moving Average
- Rebound on the 38.2% Fibonacci retracement level
- Hidden bullish divergence on Relative Strenght Index (RSI)
- Head & Shoulders pattern
Fundamental news:
- Cut of worldwide wheat production
- Oversold position before monthly USDA report
Objectives:
Wheat could goes up to the $7.22/bu level (61.8% Fibonacci retracement level) and then goes down and confirm the Head & Shoulders pattern. The theoretical objective is $5.80/bu (support). Before this level, there is a strong support at $6.20/bu. WHAT DO YOU THINK ABOUT THIS IDEA?
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- Bullish engulfing on this support
- Rebound on the 150 Exponential Moving Average
- Broke up the 100 Exponential Moving Average
- Rebound on the 38.2% Fibonacci retracement level
- Hidden bullish divergence on Relative Strenght Index (RSI)
- Head & Shoulders pattern
Fundamental news:
- Cut of worldwide wheat production
- Oversold position before monthly USDA report
Objectives:
Wheat could goes up to the $7.22/bu level (61.8% Fibonacci retracement level) and then goes down and confirm the Head & Shoulders pattern. The theoretical objective is $5.80/bu (support). Before this level, there is a strong support at $6.20/bu. WHAT DO YOU THINK ABOUT THIS IDEA?
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Comment:
Head & Shoulders pattern seems to be invalidated.