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Wheat

CBoT wheat has put a long term bottom on the chart and is a longWheat: We have called for a bottom on this chart during the past week when, during Wednesday's session, price drew a 'double key reversal' on the chart which was an 'engulfing bullish' candle as well and which both are quite powerful reversal patterns. Much to our dissatisfaction we saw price make a strong pull back during the Thursday session but this could be seen as a test back of the support as well, especially since both Thursday and Friday drew higher lows on the chart despite the strong pullback. We keep our call for a bottom in this market unless we see the pivotal support at 390 broken in which case we will have to reconsider our bull case scenario for now. Still, we would like to see a decisive break of the 415 level to the upside as reconfirmation of our call for a long term tradable bottom in this market. We consider price to be in 'no-man's land' between the 2 essential values of 390 on the downside and 415 on the upside.
CBOT:ZWZ2016Long
by Remko
CBoT wheat still waiting for the bottomWheat: Nothing much happened during the past week and price has mostly been moving sideways during the week with exception for Friday when price took out its most recent lows at 395/393 after which it recovered and made a very strong 3% rally from its LOD. We still believe that price needs to make one more impulsive move to the downside and we keep our bear bias unchanged. Our bear scenario goes straight into the waste bin if price breaks 411 to the upside.
CBOT:ZWZ2016
by Remko
2
CBoT wheat still waiting for the bottomWheat: Price has not really been following our preferred path very precisely lately and has been knocking on the doors of the various resistances repeatedly, especially during the past week. Still, the price action as such during the past 3 weeks does not have anything of an impulse and price shyly tried but failed to trade higher. We still believe that price needs to make one more impulsive move to the downside and we keep our bear bias unchanged as such. We currently see a typical 'bear-flag-pattern' develop which would require price to start trading down from Monday or Tuesday onwards immediately and which would guide price to the 370/360 level by first week of October.
CBOT:ZWZ2016
by Remko
CBoT Wheat still waiting for the bottom to formWheat: We keep our short term bias unchanged and we are still anticipating a bit further decline in price. Thus far price has been following our preferred path reasonably well although the minor correction up started a bit earlier than what we would have thought. From here we expect a little more upside move on Tuesday after which we expect price to continue it move to the downside and reach for the 370/350 level after which we will start looking for a pattern to see whether or not the bottom is finally there.
CBOT:ZWZ2016
by Remko
Wheat descending wedge!Wheat appears to be nearing the completion of a major ascending wedge that spans 4-5 years. Best way to take advantage of this would be a wide entry with a safe stop once a bottoming pattern appears on the daily/weekly. My guess is we won't see a bottom until late 2016 or maybe early 2017. Martin Armstrong has posted about the global *cooling* (not warming) that should begin to impact crop production sending prices sky high. This data adds quite a bit of fundamental confluence on top of the beautiful techs, making the trade even more enticing. Jim Rogers also sees agriculture *prices* improving in the future in his recent interview with Real Vision TV. He has been saying this for a few years now but also admits he's often VERY early to a trade. I'll be watching this trade closely for a bottom, going to be a good one!
WLong
by patrick186
CBoT wheat waiting for the bottomWheat: Price took an impressive beating of 8.5% for the week with especially Friday's session being very weak with a 4% decline in value. The move of Friday was very decisive and volatile which is a very strong indication that more decline is to be expected during the coming week. There is no tradable bottom in this market just as yet and we will need to allow price another 7-10% decline before we can think of a tradable low. Even though we now feel that we have a clear vision on what is to come it is by far too late to entertain a short play but at the same time it is too early to consider a long play. Lean back, relax, wait & see.
CBOT:ZWZ2016
by Remko
CBoT wheat still waiting for the short play entry opportunityWheat: Price has not made to corrective move up during last week as per anticipation but rather kept moving sideways with a rather volatile session last Friday. We keep our views unchanged but have to accept that the timing will be later than what we were initially expecting. Consequently we have moved the preferred path in time. We are waiting for the move to the 345/355 level to see whether we can call for a tradable top there and we expect same (again) to appear during the coming week.
CBOT:ZWU2016
by Remko
$WHEAT - Mirage or Stampede - in search of the bottom.A few things: ... on Monday we have #notrading day in #Chicago. ... often in the triangle wave "e" is ...a triangle. ... the chart above is a only continuation graph. ... every year we have five contracts for wheat: 1. March - "H" : 2. May - "K": 3. July - "N". 4. September "U". 5. December "Z". Considering the above, you should look for bottom on the July contract in the area $417-405. Last trading day of this contract is 14th of July. If I'm wrong - let the Gods help us. GL! www.cmegroup.com
CBOT:ZW1!Long
by hehe