Wheat Futures 240 CBOT Updated 8/30/16Price hit resistance near 450 and also retested blue median line resistance near 430, and has cascaded lower. Look for possible continuation lower to 375-350.
Wheat
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!
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 wheat neutralWheat:
We have rolled over to the DEC16 contract.
Price action is not really giving away a lot and has been puzzling us more than one time during the past months. The descending wedge that we see in this chart usually is a reversal pattern from where price aggressively trades up but the break out of the upper line of same wedge was't really impulsive.
We are going to lean back and take a 'wait & see' attitude on this chart for one or two weeks.
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 wheat Wheat:
Price has performed a 'Bullish Engulfing' last week which usually is a reliable reversal pattern although it need reconfirmation. Price also settled above the short term resistance level last Friday which gives the BE more credibility. We expect price to make a swing up from here to the 450/460 zone where we expect price to reverse for a 15% move to the downside and which would actually offer a short play opportunity.
$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
$WHEAT - Ending Diagonal - The Last Chance for Bulls.Wheat prices are now below of cost production - american farmers say. On the other side - market analysts saying we’re going to have a new cost level cca. $3.75.
Next Friday we have another #WASDE report.
GL!
www.thepatternsite.com
CBoT wheat long play but with greatest cautionWheat:
Price made a lower low but close higher than the previous 2 sessions which makes 'double key reversal' which is a very reliable reversal pattern.
We are expecting higher levels from here but are not too enthusiastic about the upside potential right now.
WHEAT FUTURES 240 CBOT UPDATED 7/28/2016Price continuing to hug and hold on to minor frequency of the up blue fork. This has to hold or we may see 382 or lower.
//WHEAT FUTURES 240 CBOT UPDATED 7/27/2016Wheat has paused and is moving higher. Look for price to continue its upward momentum if the blue fork can hold.
WHEAT FUTURES 240 CBOT Updated 7/19/2016Wheat chart showing a zoom and retest of pink median line, look for break of low to show more opportunities to short.
CBoT wheat still keeping us uncertain.Wheat:
Price keeps us in limbo what side to chose already since quite some time and we have made some wrong calls during the past weeks. There could be a 'bear-flag-pattern' on this chart with possible target 380. We are waiting and not touching.
CBoT Wheat almost ready for a longWheat:
Price has traded down over 20% in about 5 weeks time and shows signs that the move to the down side is mature. The picture of last week's price development suggests that we should expect one more mild move to the downside after which we anticipate a 10% rally. Traders keep their powder dry for one more week and can start looking for a long play opportunity at 405/395 with a stop at 380 during week 29.
Wheat at Monthly Low. Looking to Long on D1 TimeFrame.Wheat is now at monthly support. Looking at the low formed in June of 2010 as the support.
Since then price has slowly corrects back.
Price has now currently gone below it and move back up again.
Looking to long if go above the 5th July candle high.
Target to TP at least at 620'6 level..
Wheat at Monthly Low. Looking to Long..Wheat is now at monthly support. Looking at the low formed in June of 2010 as the support.
Since then price has slowly corrects back.
Price has now currently gone below it and move back up again.
Looking to long if go above the past 2 days candle high.
Target to TP at least at 620'6 level..
Potential Kangaroo tail / Hammer candleKangaroo tail / Hammer candle (at the time of publishing idea)
- Important support zone
- A lot of room to the left
- Nice candle formation
Only place the order a few minutes before the next candle formation (on daily chart) if the candle still has its form.
Wheat Futures 240 CBOT Updated 6/30/2016Look for price to continue to drop down
to 420 area. May retrace to ML for short
at Down Arrows
