ZW1! trade ideas
Wheat Turn Around? Cypher?Wheat RSI has floored. Elliot wave 1-5 complete, and wheat is still trying to sell itself off of a bearish flag. There is an outside chance of this becoming a Shark. More likelihood a Bearish Cypher. If up trend forms, looking at 430'4 and then 444'2. After 452. This could also fall more into extension in which case target numbers may change.
Short PUT on ZW
Volatility has risen in the last days
Commercial Traders are going extremely long since a few weeks
no distribution in the last weeks
Wheat Still in DowntrendJuly Wheat has made a bullish flag and tried to escape it today. Wheat still in downtrend and market full of wheat right now, so still looking for further downside. Upside target reversal may come at 449 downtrend line if flag doesn't decay. If broken and stable we could see a short term turn around. RSI has come to downtrend line so caution should be taken.
Wheat - diagonal triangleThere's a possible diagonal triangle, so bears are likely going to deliver wave 5 of (C)
Wheat Bearish FlagJuly Wheat created a bearish flag today. Next downside target is 428 which would make a bullish Bat. If it goes through that and continues further we would be entering a bullish butterfly.
Super Bullish on Wheat Master Technical analysis - Lulu Capital
#Fat Wheat Pattern
#Thin Wheat Pattern
#Granary Pattern
#Target 600+
Wheat Position Swing Trade IdeaJust put this idea together. I don't have a long history in futures trading. Just an idea.
Wheat - Mar $4 Support?Bulled up... just a matter of weather* $4 support holds or we drop down to 3.5 levels
Trend line resistance erroded
Wheat Bearish FlagMay Wheat is forming a bearish flag. Could fall into Cypher extension heading for a double bottom. Looking for confirmation of a start near centre of the flag downwards and continues downwards. RSI still trending downwards
Wheat - bullish opportunityIf we see a pullback from the lower side of this channel and the 144 Smoothed MA, bulls are going to deliver wave {v}
WHEAT close to a YUGE breakoutWheat is testing important long-term cloud and trend line resistance. A breakout above 470-480$ area could signal a very big move ahead. Minimum target will be close to 600$. Must be patient and wait for breakout.
Wheat Bullish FlagJune Wheat produced a bullish flag today. Upside target 475 area. Looking for Bullish Gartley completion at 480 and above. Long term target double top at 488
Positive, but not there yet!I just adjusted the weekly multi-year bearish trendline to candle peaks.
Indication is bullish (see EWO, MACD and haDelta), but the break has not yet happened.
If price dips in coming weeks, then we will have to look for buy signals in 435-445 range, otherwise just buy the break and close above 475.
Wheat - diagonal triangleThere's a possible diagonal triangle in wave (C), so bulls are likely going to deliver an upward impulse in wave 1 or A
Long wheat!!!Hello friends
Hope trading is going well. Feb was quiet month for me. I did not had too many setups on my timeframe and my pairs. Took wheat long at close yesterday. Reasons are:
On weekly, i see bullish consolidation as ha delta is above 0 and price is above trendline. Chikou above price.
Daily is bullish. Price is above Tenkan now and hadelta is above 0. I saw decent risk reward here. So i am long. Have stop in place in case it doesnt work.
I am also watching few stocks. Will post them tomorrow. Really tired today. In case you want to check them out, they are TASR, INTC, MGM and NVDA.
Happy trading.
CBoT wheat dailyThe daily MAY17 chart shows that price has been under control of a long term descending resistance trend line that started during the 2nd half of July 2016 which was broken by price to the upside on January 5.
From there on price traded an ascending channel which has its origin at the 406 level on December 23 and offered support to price on January 30 and on February 7. Price has now again arrived at same supportive ascending line which should offer immediate support from Monday’s session onward.
The ascending line starts at 445 on Monday and ends at 450 by the end of the week. We will allow price to pierce through same support but we do not want to see price trading below 427 in which case we will have to reconsider our bias.
CBoT wheat weeklyThe weekly continuation chart shows that the price has been moving in a long term descending trending price channel that started in July of 2012 at around the 900/930 level and gradually channeled price down to 466 in September 2014 after which price made, although reluctantly, a new low at around the 485 level during August 2016.
From late December 2016 onwards price hesitantly started making modest new highs and has not tested back the most recent low. The interesting in this price channel is the fact that price has not been testing the lower line of the channel since September 2014 and made only one modest lower lows on the chart since.
Price has developed a descending wedge that roughly started between May and September 2014. The TA rule of an ascending wedge is that price, eventually, will break out of same wedge to the upside which usually happens between 2/3rd and 3/4th of the wedge and which has happened 3 weeks ago indeed. Usually, price then makes a test back to the upper line of the wedge which then serves as support which now seems to be developing.
Wheat Bearish FlatA bearish flag has developed on July Wheat. How much fall there will be is the issue. USDA reports for 2017 are less bushels than last year, but there are still large supplies hanging over wheat, corn and especially soybeans.
The Bottom Many Have Been Looking For: WheatIf I were asked to pick just one asset to be long in 2017, I'd consider wheat as my top choice.
I am still long from 422. As shown below, I got stopped out but managed to re-enter at that exact price.
