I've been watching wheat since its big pop in June. I will release a detailed report on the weekend. It seems to me the multi year bear market in wheat is over. The last 2 months' decline after the big June bounce is not abnormal. We have seen similar things in other vehicles. The reason I enter today is the Bollinger Band crash signal. I highlighted by green the...
Wheat is rallying up to a key quarterly/yearly trendline projected from the major 2008 and 2012 highs which is also the upper boundary of an enormous decending wedge. I'm watching for a high at this area over the next few months to short into a final low (ideally 2019) before breaking out of this wedge to the upside. Bull cycle counts point towards July and...
The monthly wheatusd chart looks like it may be setting up a potential long term bottom. +DI has crossed above -DI and has put in a solid support line at 4.090 holding for past 4 months ADX has continued to trend up signaling a strengthening of dominant trend (+DI) TRIX has been moving toward 0 from negative Stoch, after being oversold for past year, has...
In my continuing quest of using price action and TA to find opportunities in the futures markets, I search through each futures product each day to see what the weekly charts look like. When I stumbled upon Wheat Futures, I realized that Wheat was forming a perfect cup and handle pattern on the chart. This was honestly pretty sweet because it was the first time...
Longed last Friday as a very long down shadow line on the weekly candle. Gap up today, let's wait it to break the trendline on daily chart first. Likely to finish the "CUP and Handle" shape
bottomed at 3.7, wheat has break through the trading range in 3.7-4.15, reach a new high in two recent trading days. Keeping long position :)
This is only a trading capability - no recommendation !!! Buying/Selling or even only watching is always your own responsibility ... .zip (with PDF`s) @ my Google Drive Closings Bullish (32 Commodities) drive.google.com Best regards :) Aaron
Probably soon there will be nice long opportunity, at least for correction. Closely watching & bought small part for medium term.
Wheat in a downtrend since 2012 and I think this is not the end, but, can be a turning point for a while... Second target would a dream to hold Wheat long ETF for years :)
The C wave correction ended at 0.382 fib (yellow) of the previous impulse down. Looking for continuation of down move to 1.272 fib (yellow). Wheat doesn't give much chance to enter, once it drops, it drops quick. So don't miss it.
Been Waiting for this for a while now. Should break out, draw in suckers, and plunge again. Rally prob won't last more than a week. All depends on how strong it is. If very strong, then it prob won't get crushed for a little while. If too verticle or too weak, then will get pummeled eventually. 44% chance of Break out fake-out. I like making these every once...
Looking at 30M chart, it's possible that wheat has made its pullback. The TSI could be finding support at 0 and RSI on 40. Based on next open and if these indicators move up off this support may try a dec wheat call. Looking at the daily chart, the RSI and TSI look bullish and the ADX with +DMI looks like it could be setting up a change in dominance from down...
Wheat, on an 8H chart, has broken through key short term resistance last week. Beginning 9/12, ADX had signaled a period of price consolidation which has lasted until 10/13 when price broke through resistance. This price action and ADX consolidation is reflected on the daily chart too. It is possible that price may have more upside potential before a pullback...
Price hit resistance near 450 and also retested blue median line resistance near 430, and has cascaded lower. Look for possible continuation lower to 375-350.
Wheat appears to be nearing the completion of a major ascending wedge that spans 4-5 years. Best way to take advantage of this would be a wide entry with a safe stop once a bottoming pattern appears on the daily/weekly. My guess is we won't see a bottom until late 2016 or maybe early 2017. Martin Armstrong has posted about the global *cooling* (not...