📌 @ridethepig ZW1! Market Commentary 17.12.2020
For buyers the breakout creates the typical starting point, one we have seen many many times before. The fact it is happening on the monthly chart is very telling, this is threatening to impulsive explode to the topside via shortages on the supply side from lockdowns and contractions in globalisation.
Check my related idea. Daily cycles that fuelled the recent move top somewhere around the 22nd of January and the longer term cycle is down till late February. All upside price targets have been reached and it's time to take profit and consider short. To see real weakness wheat has to close below 650.
My Trading Strategy is scall the Setup. This is the Setup 1 entry method ... Just wanted to highlght the most recent setup formed on WHEAT Futures Contract. IT's now hit the Target level that I like to call TZ1.
I used to trade the Commodities Futures back in 2009 and made some good money. Don't know why I stopped? Perhaps the FOREX volatility had my attention...
Ending my posts of major themes to look for in 2021, I want to end with the agricultural commodities. Particularly Corn, Wheat and Soybeans. The agricultural commodities are some of my favorite assets to trade, and I do not think many people pay too much attention to them. I focus on the three mentioned above, but you can also trade sugar, coffee, cocoa, orange...
Read the previous idea on copper, same style but with wheat. By Jan 22nd expecting a cycle top and a price target of 660, cycle low on Feb 16th with a target of 575.
*Futures trading involves a substantial risk of loss and is not suitable for all investors.
On Weekly chart, the engulfing candle the week before seems to be an up-turn again.
I will be watching WHEAT closer in this week.
there is a strong resistance between 620 - 630.
Pay attention here.
If breaks, 700-720 is short/mid- term target.
( this is my personal view and not a trading advise. )
Chicago SRW Wheat Futures (CME CBOT: ZW)
Trade : Buy
Entry : 602
Target : 951 (349, +57.97%)
Stop : 557 (-45, -7.48%)
Posted on Saturday, December 12, 2020
Note : As I said before, we need to pay attention to grain prices. It seems that the wheat futures prices are ready for a big move. Wheat futures are on the upward trend. It's time to buy wheat. The next...