ZW1! trade ideas
Short Wheat 50 Percent Retracement HitShort Wheat 50 Percent Retracement Hit and channeling down to bottom range of 540 then 500 price point.
Shorts on Soybean and Wheat FuturesWyckoff Analysis:
1) Both soybean and wheat futures rallied alongside the market for the past week or so. Now, they've both failed to make new highs and distributed for a few days. I like continuation of the longer-term trend.
Week 13/Su - ZW1! - WeekendMost bullish commercials have been in 20 years, im loading up my entire boat with wheat futures
Wheat / Trendline RetestIt"s not just grocery shoppers who are hoarding pantry staples.
Some governments are moving to secure domestic food supplies during the
corona virus pandemic . (Bloomberg)
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People Need move Food During the Corona VirusDuring the coronavirus, the Demand for certain commodities like Wheat will Increase drastically.
Curfews, lockdowns, Marial Law = People stay home and eat more = rush on Supermarkets for breads, flour etc.
Price gonna head way up!
Wheat Long term Target 311Wheat also indicating, that #Deflation not over yet! Major decline to come before SECULAR BOTTOM is in
WHEATLike other commodities Wheat dropped down more than 15% becasue of coronavirus effect. By statistics the March-May is a bullish period for Wheat futures. Meantime humankind demand for wheat definitely will not drop, as we need to eat even when it is phandemic. On the other hand the supply issues due to coronavirus can boost the price as well. The price range between 480-490$ per bushel can be good zone for long trades
Don't weed this out from your portfolioyes, many commodities were not spared during the recent virus attack but this wheat has been climbing up nicely along the bullish trend line.
There is more room up there once it breaks the resistance at 5932.
