XW1! trade ideas
zw1Rebound from support heading up, the target and the stop indicated, or according to the price behavior
Wheat is about to resume the uptrendThe volume is picking up on way up. Waiting for first impulse to complete and subsequent correction.
Wheat - Cheeky LongThis is inspired by a news piece on rat infestation problem in Australia destroying crops amongst other things.
Fundamentally, there is fear of inflation and USD weakness.
I am aware that this is US Wheat price but I assume that global wheat problem would affect prices somewhat.
Wheat Now Oversold, Bonds OverboughtBonds have been strong on a sell-off in commodities. But now products like Wheat are oversold at support, while Bonds are overbought at resistance.
Wheat Target 1222-1268As an upward C of B wave in a flat correction, this rally should retrace about 90% of the wave "a" segment that constituted most of the recent decline from the all-time high.
This analysis will need to be revised if price falls below 593, because that it is the thrust origin for the rally, so that would be an ideal stop loss level for a long trade here.
WHEAT - SHORT; Continued SELLing for the foreseeable future"Margin pressures; How to survive in an over-provisioned environment." - Was the topic/title of a recent grain cash traders' conference. What does that tell you?...
In short, industry insiders do not expect to see daylight (i.e. profits) as far out as 2025! - And that concludes the essence of all that was said during that get-together.
(Try that on for "inflationary pressures" .)
Short term BUYAs we can see Wheat has retraced to find some support. I will be buying here and riding it up.
Grains will shock youWith all the drama of last year and many areas locked down, one of the big sufferers was agriculture. Much of last years yields went to waste and panic buying occured. Which I'd guess also went to waste for the most part.
As you can see on my chart I'm expecting a sizeable pullback in price before the event, which is completely normal.
let it collect the orders down there and get in where you feel comfortable.
From there hold way into 2022. I wouldn't like to call the top on this, but it'll be impressive.
Checkout soybean and corn also. Why do you think they drove up so hard in price?
Happy trading and don't long just yet. (July?).
December Wheat Double Top - Could we be headed back around $6.70
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 $6.70 area.
Fundamentally, wheat markets appear overvalued as well. They have been dragged around by corn recently due to the substitution by feed aspect. Recently corn markets have also come under pressure as the market anticipates a large increase in plantings next year, both domestic and globally.
goodbye wheattechnical analysis suggests we're near a top; while fundamentals indicate crop are good across northern hemisphere and harvest should be excellent; in all cases much better than last year's.
Prices might reverse from here
50 year cycle... the cycle of jubilee. 50 year cycles are considered the jubilee years because that is when record highs happen.
jan 2020 - lowest unemployment in 50 years
2020 chiefs win first super bowl in 50 years <----- i won a lot of money betting that 50 year cycle....
idk... there are thousands of examples i can give.... but im sure you catch the drift.
so let me present to you 1971 wheat prices. look at the chart and the parabolic move. expect similiar things to happen. inflation is here not just via money printing, but the cycle was ripe for this. play it accordingly.
Wheat Future. Strong down move reaching strong previous support.When price comes down this strongly it is hard to be a buyer. But we see lots of previous support down at current price.
I think a stop below 710 might make some money for you.
