ZWZ21 , WHEAT is ready to move down in price as we have divergences and buy imbalances Entry price 8.170 Take profit 7.80 ,SL 8.920
follow my signals and make profit ,check my past signals to confirm how accurate i am
ZWZ21 , WHEAT is ready to move down in price as we have divergences and buy imbalances Entry price 8.170 Take profit 7.80 ,SL 8.920
follow my signals and make profit ,check my past signals to confirm how accurate i am
- Strong support at $6.80/bu with strong rejection candlesticks (hammer)
- Bullish engulfing on this support
- Rebound on the 150 Exponential Moving Average
- Broke up the 100 Exponential Moving Average
- Rebound on the 38.2% Fibonacci retracement level
- Hidden bullish divergence on Relative Strenght Index ( RSI )
- Head & Shoulders pattern
...
Bearish clues:
- The general trend has been downward since mid of August 2021
- Wheat has formed a Head & Shoulders pattern (with the 61.8% Fibonacci retracement level as the neckline). This neckline was broken down yesterday with a large amount of volume
- The right shoulder formed a double top
- The volume indicates that sellers took the advantage:...
3 wave pattern
Two patterns completed, 3 joining wave patterns completed. Making the next wave either a 3 wave or a 5 wave.
It traded to a retracement zone of 0.5% which is the point of entry in a corrective pattern for some of us
Currently, futures short covering is an extra condition to go long,
LONG
Wheat markets appear to be in the middle of a confirmed double top . IF resistance in the area of $7.17/bu holds, we should be headed back to the $6.70/bu area.
From a technical perspective, the chart shows a classic double top set up with the lower point being violated, a short pullback higher, followed by a further decline. This should set the target in the...
CBOT 
