- price has broken 2 key levels for me (the 2 purple lines) - EU harvest doesn't look great (buy the rumour?) - has outperformed in the last week or so
Wheat Buy Idea @Daily Demand Zone (466.6 - 461.2) Buy Limit: 466.6 Stop Loss: 461.0 Take Profit: 486.0
Looking to go long wheat via ETF. EW suggests wave 3 of 3 starting. Could be massive. Great risk/reward at this point.
Wheat Buy Idea @Weekly Demand Zone (427.0 - 410.4) Buy Limit: 427.0 Stop Loss: 410.0 Take Profit: 452.0
Wheat seems to be overbought. Possible downtrend!
According to daily time frame it looks like $WHEAT is making support and preparing a change of trend.
Technical analysis Great opportunities to short wheat at the key 0.618 fib level for a big move down all the way to 4.2820 at the 0.236 fib level. Minimum draw-down with stops placed safely above the summer highs. Entry: 5.3540 (On the 0.618 fib level) T/P: 4.2820 S/L: 5.6540
Entry - 5.06 SL - 5.24 TP - 4.75 RR - 1.7R Risk - 2%
We already traded WHEAT weeks ago with some success, and I found this setup quite interesting. On daily we have another nice breakout, that could lead to another false breakout. But in this case we are narrowing down on the support and resistance so we should see some break in the following weeks. Taking into account macroeconomics, I'm betting more on the upside...
Looking at wheat zw1! across three charts (renko 10pt, 5pt, and 1pt), it looks like they have achieved some type of confluence and are staged to break higher. Entry setup would have been on the 1pt chart on the 27th with the second test of the 100EMA. However, I'm looking to enter long based on how market opens this coming week. Targets are 510 and 550 on the...
Sorry, I accidentally published my Idea from earlier today with an 1 hour chart. Here is the daily chart: Idea stays the same but the daily timeframe / daily chart is more appropriate.
US Wheat (Chicago) hit the upper line of the triangle I draw in the weekly chart. This line - for now - hold and wheat did not move higher. Furthermore, volume did not really increased during the upmove of the last two to three days. This is even more striking in the weekly chart, where volume decreased in the last three weeks while wheat moved up. This is a...
Due to a weaker Ruble, Wheat from Russia becomes more competetive which should be solved by a partial decline of US Wheat prices (and by a partial increase in Russia Wheat prices - higher demand for Russian Wheat). Furthermore, USDA does not expect a declining "Ending Stocks" for Wheat this season although US Weather around Kansas is still very unfavorable for...
Right, prices could appreciate to highs of 5.000/5.2000. HOWEVER GUYS. Expect a very sharp reversal very soon! I believe that we're in for a very lucrative trade, I think that we're in for a short down to lows of 4.300/4.100. LET'S GO, LET'S SEE WHAT HAPPENS NEXT! TP: 4.300/4.100
The contract was in an upwards trend until it hit a trend line (1st / 2nd of March) I drew in the weekly chart (possible triangle formation). The resistance in form of the trend line hold and the price started to fall. It broke the first support line at 478 (last high) and the second support area at 462 / 459 (last low) with increasing volume. In my view that is...
WHEATUSD buy around 4.35.. 200dma , 62 fib and trend supp.. Hard to go below that bar a major event
So guys I'm currently waiting for a decisive break out of our key level. PATIENCE GUYS, let's just be patient!
Alright, so I've been looking at wheat for some time now, and to be totally honest I don't actually think that we're done from a selling stand point. I believe that prices could still go lower, potentially near the 4.400/4.200 Region. ALSO! If this happens I'll be more than ready to buy the reversal up to highs of 4.700 after our bear run! TP: 4.400/4.200