After a failed rally, it fell down the break the last low and is now grinding out a bottom. This looks like a good opportunity to long by buying small positions every week for next few months.
There has also been a completion of a three-wave correction, which helps to further strengthen the case that this could be in the final bear stage.
The prices are at the lows and the structure shows a rejection at low prices and, it´s ready to launch the price to the upside and recover part of its year looses. Good luck!
WHEAT: BOUNTIFUL HARVEST SOON... if you seed at the current price range.
KEY NOTES:
WEEKLY DESCENDING TRENDLINE BREAKOUT.
Monthly shifting price lines. HUGE HINT!
Weekly histogram higher lows.
MONTHLY HISTOGRAM SHIFT -- CLOSING UP TO BREAK SOON.
SEEDED LONG (long term) 628.0
TAYOR.
Safeguard capital always.
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RELATED NEWS:
WSJ...
On wheat's daily chart, the rally appears to have completed 5 Elliot waves up. Bearish fundamentals of current ample supply may now play out in an ABC correction, though how deep with a La Nina expected to affect Russia it remains to be seen.
Beyond an ABC correction, it's possible to consider that said bearish fundamentals may see an impulse all the way down to...
Wheat saw another bullish end to the week after a favorable USDA report.
In the last post, we looked in TA terms at whether the current rally's first impulse occurred in March or on April 19th. The latter (in pink numbers) seems to have been the case as we saw the 5th wave up to near the 2.618 Fib. If this analysis continues to hold true, TA wise an ABC...
Wheat has rallied since April 19 due to short covering and various weather concerns, and various analysts expect the grain to return sooner or later to the fundamentals ample supply.
From an Elliot Waves perspective on a daily chart, it's possible to see a 5 wave structure marked in yellow 1-5. However, while the rally proper began on April 19, it's not...
Weekly chart, wheat cash contract is trading in a falling wedge!
Will we see the 435 - 400 price level or rebound upwards from 520 - 525?
It is tough to confirm.. However, this falling wedge pattern has a higher probability that the price will cross the resistance (line R) upwards towards 745 and 765 in the long term.
The price has broken through the downward trendline, which is drawn by connecting the lower highs on the price bars. The breakout indicates a possible end to the downward trend and may suggest a change in momentum.
Live swing trade in wheat. I am very curious about the result because it is December 1 and exactly at this time the seasonal tendency is to have a strong fall in the first days of December, after which the rest of the month is bullish. My curiosity is if this crash will not happen again due to technical reasons.
👋 Good day, traders!
📈 After a two-month decline on the D1 chart, WHEATF has found support at the 540 level. Given its month-long accumulation phase and the completion of its downtrend, a breakout above the 587.75 resistance level could signal a rally towards target levels of 615.00, 660.00, 695.00, and 732.00. Consider buying entries around the 595.00-600.00...
Rsi bullish divergence.
Far away from ema200, soon this average will pull the prices towards itself.
* What i share here is not an investment advice. Please do your own research before investing in any asset.
* Never take my personal opinions as investment advice, you may lose all your money.
the price 570$ is the last support area for the Wheat
Wheat is moving in a channel and if it reverse from this area it can rise to the 650$ .
Trigger is in the H4 time frame whenever price breaks the downward trend line.
Wheat is a commodity and seasons affect the wheat price.
in August wheat usually drops to the lower prices.
Now, due to the supply problems and by looking at the chart , if it is below 650$ you can buy and keep it until 685$.
Based on fundamental data (end of the harvest season). We have to see higher prices on Weat soon.
Also if we look at it based on technical analysis, the price has a really important support.
I'm entering a LONG position on Weat.
Despite the news from Ukraine about missile strikes on the grain export ports. We have to take into consideration the top 5 exporters of wheat in the world.
1. Russia
2. United States
3. Australia
4. Canada
5. Ukraine
This indicates that there is still competition for the top exporters. It will be in Russia's best interest to sell as much wheat at the lowest...
