In this video I go over one of my favorite markets the Wheat market and its current conditions and it's developing stories from dryness in the Kansas City Area a major producer of HRW wheat to war torn Ukraine and potential disruptions there. And with a market that is very heavily shorted by large managed money speculators this leaves a market very vulnerable to...
Although there was a rally later in the day in the S&P 500 which implies buyers moving the market higher going into the close. The overall structure for Friday implies caution if you are on the long side. It's important that the market does not return to Friday's Lows on Monday to maintain momentum for continuation to new highs.
Wheat is once again showing its bullish side and is taking the first upward step out of the sideways movement of recent weeks. In the further course, the price should now continue the blue wave (c) and complete the superordinate wave A in turquoise. Following this, we expect a sell-off. Within the framework of our alternative scenario, however, it remains 37%...
Wheat 2 years after topping out at the PCZ of a Bearish Shark that initiated a downtrend in 2022, has now come back to the top side of the range wheat traded in between the years of 2016 and 2020 before ultimately confirming the bottom at the PCZ of a Bullish Deep Gartley in 2019 and breaking free to the upside of the trading range in late 2020.
Now that wheat...
Wheat
Technicals (May)
Wheat futures shot higher overnight but got stonewalled by what was previously trendline support (now resistance). A failure to close out above 550-555 keeps the Bear camp in control with a potential retest of the lows still in play. Further escalation in the Middle East could turn the tide back to Bullish.
Bias: Neutral/Bearish...
Wheat has been in a price normalization phase after the potential catastrophe of Russia's full scale invasion of its democratic neighbor. Since June 23, bulls have made several attempt to break and hold the daily 200MA, shown in green circles above. The first four attempts can be read as two sets of double tops. Even if this rally can't hold the 200, chances of...
Wheat
Technicals (May)
May wheat futures broke lower yesterday, after struggling to maintian price action above trendline support in the previous two sessions. This has the Bear camp back in the driver’s seat as we officially enter the back half of the week. A close back above 550-555 would neutralize the recent bearish action.
Bias:...
Wheat
Technicals (May)
May wheat futures traded in a wide range yesterday, on both sides of unchanged. This morning, prices are attempting to firm as the market revisits our pivot pocket from 550-555. The Bulls will want to see consecutive closes back above this pocket to spur a move back towards the recent highs. A failure to do so could put the Bears in...
Wheat
Technicals (May)
May wheat futures are under some minor pressure to start the week and are flirting with our pivot pocket from 550-555. If the Bulls fail to defend this pocket on a closing basis, we could see additional pressure come into the market with the next downside target coming in from 537-540.
Bias: Neutral/Bullish
Resistance: 573 1/2-575, 595...
Chicago Board of Trade (CBOT) wheat futures declined for a second straight session on Tuesday after the U.S. Department of Agriculture (USDA) rated the winter crop at its highest early spring level in five years.
-The market was also pressured by crop-boosting rains forecast for the southern U.S. Plains wheat belt and by limited U.S. export demand due to cheaper...
Chicago Board of Trade (CBOT) wheat futures rebounded on Wednesday after two sessions of losses as technical buying and short covering lifted the market.
CBOT May soft red winter wheat ended 10-3/4 cents higher at $5.56 a bushel. The benchmark contract fell to a one-week low early in the session but found technical chart support at its 20-day moving...
Chicago Board of Trade (CBOT) wheat futures fell on Monday as traders expected the U.S. Department of Agriculture (USDA) to report the strongest winter crop ratings in eight years in a weekly report due for release later in the day.
Wheat futures were also pressured by large global stocks and limited U.S. export demand as rival suppliers are offering their...
Supply and demand zones for Wheat on the weekly chart.
Once you enter the zone, look for the lower timeframe reversal patterns, extended waves, classic trendline breaks, etc.
Drop down to the Daily for refined supply and demand zones.
Drop down to 1 hour chart for the current trend after you see the reversal pattern.
wheat is ready to go... excellent RR here... not only 3.5 to first target, but ocasion to build position towards much lower... moving stops to Be or trail
*not financial advise
Wheat prices are high,
Over the month you will notice this change and
so you may be asking yourself why?
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The wheat prices are linked to how well the economy is doing,
knowing this, about its prices you will see by looking at the chart,
That determines this.
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According to Reuters, China has cancelled buying wheat,
this affects the global wheat...
A monthly bulldiv, a resistance turned support, and a falling wedge on the monthly that is breaking out (to the right) now, what else do you need?
In the Grain complex, farmers have stubbornly held onto their stores past the December 2023 sale period because they didn't like the prices. The storage basis has ticked up since then. Maybe one more month of high...
