Current prices are near previous lows. An increasing MACD and RSI indicates build up for a long opportunity.
Higher highs and higher lows have formed in the weekly chart for Wheat, signalling recovery from the long term downtrend.
For confirmation;
1. increasing MACD histogram - Check;
2a. overbought RSI levels - Check; and
2b. increasing RSI levels - ...
I think there's a significant probability that the bottom of the recent correction in Wheat is in. I'm holding longs and now added my final entry a tad lower than this. I expect a rally back over the recent highs very soon. The crops this year suffered due to a significant drought in the regions where wheat is produced in the US. I think it is likely that this ...
It's not a question "if" forks work or not.
You better ask: "How can I make them work for me".
Watch the multiple entry points.
Then watch, where you have logical targets.
P!
From Monday watchlist. "Old man trade" $WEAT up 4% on the day. 20 MA coming through the 200 with price above... even this slow motion mover got some lift from it. Not holding my breath, but super bullish if it works into the green triangle.
Downward trend broken.
Price about to break through 200 MA on daily, with RSI, MACD and SQZMOM trending up (also on weekly).
First resistance at about $8.95.
Not sexy stuff, but low downside risk :)
Do you remember how I got flushed down the toilet with my Weat trade?
Well, here's another one - hopefully I don't have to deep dive again...
Let's see if we can make something out of it.
No, not entering immediately...there's a GAP that scares me to go long.
Patience jung Padavan §8-)
First I'l observe, how price behave down here at the centerline.
Peace!
It looks like the price of Wheat has finally reversed out of a long term sinking wedge. Following a multi year low, price action is now in a rising channel. I bought at the red line (8.74). So far trade has been successful. Unless something drastically changes in the commodities market or price breaks below the bottom of channel I'm going to keep holding this. You ...
This is why you need to be cautious and place a stop at $10.72:
Teucrium Wheat Fund (WEAT)
Unlike many commodity ETFs, this product doesn’t just cycle into the next month as expiration approaches. It rather utilizes a much more in-depth approach. The product uses three futures contracts for wheat, all of which are traded on the CBOT Futures Exchange. The three ...
