The setup that I am using here is considered to be going against the trend. I'm looking for a small retracement to capture a 1:1 target ratio and make small gains. Normally, I would not attempt this trade, as it goes against my trading plan, but I have a strong conviction that buyers are exhausted and that sellers will come in at the zone drawn on the chart.
yes, many commodities were not spared during the recent virus attack but this wheat has been climbing up nicely along the bullish trend line.
There is more room up there once it breaks the resistance at 5932.
The WHEATUSD, symbol ZW, is in a rally within a Bear Market with price trading above the 50 week ema and the 200 ema, but below the 800 week ema. The the long term emas are mostly flat, signaling accumulation / distribution. The price action appears to be finishing up the e-wave of a b-wave which should resolve in a c-wave down into late Spring. There is a...
I see more of a buying opportunity coming up than a sell, though the latter is also possible.
Again, commodities trading is volatile so prepare your SL and capital management properly.
Sharing my trade with whoever's interested. Wheat is at an all time high, i'm expecting it to correct.
See diagram above for more information.
All the best and keen to hear your thoughts if you have a different view.
Wishing you only the best.
Been a while since I posted about agri.
Price is around its average now, I see no reason for it to skyrocket.
I don't think this little rally is a new trend, I see it as a correction.
And the short term uptrend is probably just noise that kindly comes fill my shorts.
Wheat found a bottom and has been trending up, If it could get past the report on monday or better yet rally on it, we could safely call a significant bottom in place. If you're not long from lower, it's probably better to stay on the sidelines until after Monday's report
Wheat plan 16.07.2019 is active.
Looks like price want to go below 500 point.
Main move I expect up.
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