Wheat FutureLong
Wheat to continue sideways but in a broader range
Updated
On Monday, Ukraine struck several Russian ships-turned-submarines, Russia wanted to withdraw from its grain corridor agreement. Earlier today, Turkey has re-emphasized that corridor will remain in place. Both news had major impact easily seen in the Wheat futures charts.
I think it will calm for a few weeks ahead now. Random unscheduled news are more likely to be bulish though. Another clue to where the price will go over the coming weeks is in the further-away contracts prices, specifically ZW3 trades roughly 20 dollars above ZW1. As the rollover time approaches, the prices are likely to converge which is bullish for current contracts.
In my opinion, the market will remember today and will not go below $822 as it was just reminded of the risks. This means that I am looking for speculative longs near the bottom - that will possible be hit during another market-wide high-volatility news, FED press conference later today.
I think it will calm for a few weeks ahead now. Random unscheduled news are more likely to be bulish though. Another clue to where the price will go over the coming weeks is in the further-away contracts prices, specifically ZW3 trades roughly 20 dollars above ZW1. As the rollover time approaches, the prices are likely to converge which is bullish for current contracts.
In my opinion, the market will remember today and will not go below $822 as it was just reminded of the risks. This means that I am looking for speculative longs near the bottom - that will possible be hit during another market-wide high-volatility news, FED press conference later today.
Note
My position is open now. SL and TP shown isn't necessarily SL or TP I will use to close the deal, but entry is given.Note
Bountiful development for now.
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