WEAT- Wheat ETF at buy point LONG
Updated
WEAT the Wheat EFT has been volatile of late due to the Bakc Sea shipping deal
falling apart when Russia refused to renew it. Brazil has been trying to increase
whet exports to pick up from the fall off of Ukrainian shipments to Africa and others.
On the 4H chart, WEAT has fallen 15% from the double tops of July demonstrating
the high volatility in what is typically a slow-moving commodity. WEAT is now
5% above the support trendline and about 14% below the horizontal resistance of
those double tops. This is a favorable r:R ratio. I will go long here assuming there
is now breakthrough in the near future with the resumption of the Black Sea grain
deal to impact the supply-demand imbalance and destabilize the price rise. I will
look into a call option trade as well.
falling apart when Russia refused to renew it. Brazil has been trying to increase
whet exports to pick up from the fall off of Ukrainian shipments to Africa and others.
On the 4H chart, WEAT has fallen 15% from the double tops of July demonstrating
the high volatility in what is typically a slow-moving commodity. WEAT is now
5% above the support trendline and about 14% below the horizontal resistance of
those double tops. This is a favorable r:R ratio. I will go long here assuming there
is now breakthrough in the near future with the resumption of the Black Sea grain
deal to impact the supply-demand imbalance and destabilize the price rise. I will
look into a call option trade as well.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.