Wheat has failed 4 weeks in a row to break the 525 price barrier - the weekly MA20 which is in negative direction! If we look at the shape it seems that we will head up, but there are several reasons why we should consider shorting:
Sell at 525 $
SL - 530
Target 485 $
Timeframe 2 weeks!
- Weekly MA 20 just above 525 with negative direction
Daily MA 50 just above 525 with negative direction
We are in decline on the monthly charts
1H, 2H and 4H chart overbought
Sell at 525 $
SL - 530
Target 485 $
Timeframe 2 weeks!
Trade closed: target reached
Now we go up!
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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.