Techically speaking, my perspective to go LONG:
1. Touched a strong rising trendline (white oblique line)
2. Price on 0.618 Fibonacci level
3. There are a lot of supports below current price than resistances above (horizontal red lines on charts)
4. Price is close to important volume cluster
5. Buying divergence in RSI indicator
6. Daily volume falling during the last downtrend
7. August is a good month for swing trading WHEAT (not the same for CORN and SOY) as of my custom backtesting made with python over last 50 years
The only one thing i see opposite to my technical odds for a long opportunity is fundamnetal and related to agreement in the wheat export from Ukraine, more supply less shortage, but the market coud have included this during the last drop.
As per my backtesting, would to go long in August for a 5-day swing trading duration, before future expiration of 17 August due to wheat's contango
1. Touched a strong rising trendline (white oblique line)
2. Price on 0.618 Fibonacci level
3. There are a lot of supports below current price than resistances above (horizontal red lines on charts)
4. Price is close to important volume cluster
5. Buying divergence in RSI indicator
6. Daily volume falling during the last downtrend
7. August is a good month for swing trading WHEAT (not the same for CORN and SOY) as of my custom backtesting made with python over last 50 years
The only one thing i see opposite to my technical odds for a long opportunity is fundamnetal and related to agreement in the wheat export from Ukraine, more supply less shortage, but the market coud have included this during the last drop.
As per my backtesting, would to go long in August for a 5-day swing trading duration, before future expiration of 17 August due to wheat's contango
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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.
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.