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Wheatanalysis

Wheat Futures September 2021 ContractThe pattern is currently doing a sideways or consolidation in 1 HR and below. It looks like the selling pressure is present unless if its breaks the red line resistance with a strong buying force. Other confluence for shorts are: 1) Pattern making a reversal at a 61.8 Fibo level 2) Seller coming in, can be seen in Volume 3) Bullish momentum getting less and less 4) Price break 100MA, but yet to respect it. Entry guidelines: - I will wait for the price to break the trendline and the support area before going into a position targetting 160-170 ticks below. Good luck!
CBOT:ZWU2021Short
by AMianz
Wheat - S(h)ort the wheat from chaffWheat today broke the support level mentioned as DECISION LEVEL on previous published idea (pls see below for link). As seen on the 4h time frame above, it also just broke the 38.2% Fib level from the weekly time frame of the last impulse. The trend remains bearhish (MACD confirms the shift) and the weekly resistance now shifted around the $5.34-5.35 level. I'm monitoring price to see if it makes the pullback (expected, the light blue arrows) and then depending on how and if it does the pullback, I consider taking a nice short position. The position I look for should give 140+ pip profit to the next support level of ~$5.16. Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attracting comments and perhaps become better at trading commodities.
OANDA:WHEATUSDShort
by A_Bouras
Rally in Wheat will continue. Possible entriesYou know I am a big fan of commodities and especially tight markets like wheat, live cattle, etc. These instruments are less manipulated and less speculative. Usually, they follow their setups very well. Getting above Friday’s high is potential swing entry. We have a triangular formation on the daily chart. Sometimes price makes false breakdown before the rally. So, it is another potential entry, if that happens. Wheat has a strong seasonal tendency to rally till September.
CBOT:ZW1!Long
by UnknownUnicorn1156963
Wheat analysisWheat prices remain high, despite the supply of relatively good data on the market High quality spring wheat - higher than winter crop The quality of spring wheat has been the highest in the United States since 2010, and it may still grow In some EU countries, rainfall increases the quality of European wheat Despite the relatively dry weather, the quality of wheat in France is 79%. In the United States, spring wheat quality has been rated at 83% - the highest level after many years - (Bloomberg) The price of wheat after the publication of the above mentioned quality data tends to decrease. The next WASDE report is expected next week.
OANDA:WHEATUSD
by LszlRakonczai
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