Soybeans: Price has been moving sideways for most of the week but made an impulsive move up of 2% during Friday's session which makes us believe that a bit more upside is in the cards for the coming week after which we still anticipate price to reverse and resume its downtrend. A decisive close above the 1025 level will bring price to our critical resistance level...
A few things: ... on Monday we have #notrading day in #Chicago. ... often in the triangle wave "e" is ...a triangle. ... the chart above is a only continuation graph. ... every year we have five contracts for wheat: 1. March - "H" : 2. May - "K": 3. July - "N". 4. September "U". 5. December "Z". Considering the above, you should look for bottom on the...
Wheat prices are now below of cost production - american farmers say. On the other side - market analysts saying we’re going to have a new cost level cca. $3.75. Next Friday we have another #WASDE report. GL! www.thepatternsite.com
Seems cocoa is finding a way lower. On the monthly I see too much pressure building. Path of least resistance is likely to the downside at this point. I prefer to get in a bit early than wait for the pennant to break to the downside (if it does).
corn at daily double bottom, long off this support level or short on a breakdown
After a recent bull buying frenzy the market cooled back off in a very nice natural organic retracement to the Fib 0.618 level. Very close to the 89 weekly SMA where likely it will support the price until a rise in volume that would indicate fresh buying to continue the new direction. One could buy the soybean future, buy a call option, sell a put option or any...
COCOA is in a corrective phase on weekly chart. I'm expecting one more wave down to previous lows or near the rising trendline before a strong wave up. Good possibilities to make higher highs. A strong breakout on rising trendline invalidates this setup.
COFFEE seems in an uptrend continuation. I'm expecting a deeper correction and a new wave up. A breakout on rising trendline invalidates the setup.
Wheat: Price made a lower low but close higher than the previous 2 sessions which makes 'double key reversal' which is a very reliable reversal pattern. We are expecting higher levels from here but are not too enthusiastic about the upside potential right now.
Price continuing to hug and hold on to minor frequency of the up blue fork. This has to hold or we may see 382 or lower.
Market signaling profit taking and institutional hedging. Short entry: .1925 Stop: .1970 Risk: $450 per contract Target: .1725 Profit: $2000 per contract
Wheat has paused and is moving higher. Look for price to continue its upward momentum if the blue fork can hold.
Wheat chart showing a zoom and retest of pink median line, look for break of low to show more opportunities to short.
Daily chart of Sugar gives us a nice idea of a large impulsive move taking place from August of 2015 lows. As we see on the chart, price could now be in red wave (3), specifically in sub-wave 4, which can find its support later this summer around the area of a formal blue wave iv, where even some Fibonacci ratios of 38.2 and 50.0 can act as turning points higher....
Wheat: Price keeps us in limbo what side to chose already since quite some time and we have made some wrong calls during the past weeks. There could be a 'bear-flag-pattern' on this chart with possible target 380. We are waiting and not touching.
I'VE COVERED THIS BEFORE. NOW IS THE TIME TO PULL THE TRIGGER