As I posted a day or two ago, I have an upside bias with only a small retracement. Although a BO/ gap up from the descending triangle is a positive sign, WEAT has just returned to the mean finishing the day with an indecision candle right in the middle of a DARVAS BOX. It may still go either way. Wait for reaction tomorrow at the anchored VWAP from the Jan low....
I made this on the request of someone who shorted WEAT. WEAT, like other commodities oil & gold, is still trying to BO of a triangle. Watch carefully which direction is breaks. Although I think the Ukraine crisis is far from over, WEAT may still have some room to retrace specially when inflation takes a breather before continuing upwards. WEAT so far retraced FIB...
$WEAT on 30Min Gapfill to upside (longer-hold) What are your thoughts? Thanks, Kelly :)
Weat seems to have found a bottom and is trading above the 200 daily SMA again. After the long turn down it seems a chuvashov fork formed followed by Jesse Livermore's Accumulation Cylinder Estimating a price of ~$9.50 in January 2022
I will say it again. Caution in all asset classes remains. How much risk are you taking on for how much reward you are expecting to acquire? Keep asking yourself that question. Better to be out of the market wishing you were in rather than being in the market wishing you were out.
Slowly crushing all levels put out previously There is absolutely nothing going against this trade: 1. Inflation is positive for the price 2. Logistics and all of the shipping BS is positive 3. Winter is coming...can harvest more supply until next year 4. What am I missing? 5. You know what happens after you put a claw like looking rounding bottom like...
WEAT broke a trendline recently and gained more momentum after FOMC readings
I will keep it to the point- So we re in Subwave 3 of Major wave 3. Wave 1 was a diagonal Wave 2 Retraced .50 Wave 3 in progress - subwave 1 complete subwave 2 Retraced .618 Subwave 3 just started Wheat has a lot of catch up to do compare to others as below:-
I am convinced it has bottomed. Volume is historically high with big money stepping in. RSI is showing strength with bullish divergences. Expect a faster rally compare to long historical downward trend to all time high. Please like or comment. Thanks for reading
Futures: specifically, uranium, commodities (soy, wheat, corn, etc.), precious metals (I know this is a commodities too LOL; silver, gold, copper), gas/oil are extremely sensitive to inflation.
Looks like WEAT is putting a base in. Definitely not something you'd want to trade but buy and hold seems appropriate.
www.newtraderu.com Reference link for data points matching a clear Wyckoff Accumulation occurring in the wheat market (WEAT). This would spell for some much higher food costs in the coming years. Fits narratives of inflation worries in the coming months/years.
$WEAT breaking out of long term downtrend, formed big base-double bottoms, now price finding support at $6.
Beautiful 3 drive set up being developed. I'm worried about Shorting an ETF that could go out of business so I'm neutral. Grains look sour so sit back and wait for a historical entry. Scroll back and look at the symmetry. MACD divergence developing. There is an entry LONG at the expiration of large ABC, or the 1.27/1.61 of smaller Gartley, or finally the...
Store shelves have been bought out of bread and flour as people prepared for the pandemic we are in. Is wheat overpriced because of an unexpected demand?