Wheat bull run $ZWI believe Russian aggressive wheat export campaigning has left their supply side depleted again. With rising wheat tenders across the globe and global cooling on top of an end of bullish accumulation phase as per COT analysis the path for higher wheat prices is wide open. Technically the 4h chart fits snugly in a diamond pattern, which upon breach almost always accelerates price action.
Wheat
Wheat - Time for a choiceWheat has failed 4 weeks in a row to break the 525 price barrier - the weekly MA20 which is in negative direction! If we look at the shape it seems that we will head up, but there are several reasons why we should consider shorting:
Weekly MA 20 just above 525 with negative direction
Daily MA 50 just above 525 with negative direction
We are in decline on the monthly charts
1H, 2H and 4H chart overbought
Sell at 525 $
SL - 530
Target 485 $
Timeframe 2 weeks!
KE1!: Both targets hit. Long on the 1W support.Both TP =574.20 & 588.20 hit as the 1W Channel Up (MACD = 9.620, B/BP = 0.3280) made a 598.40 Higher High. It has since pulled back to make a Higher Low, which was most likely priced at 498.20. This commodity (Hard Red Winter Wheat) is on a very long term uptrend and we are now holding a long with TP = 569, 598 in extension.
Will RJA price action be stopped by the long turn trend line? Seems to be weather related more than anything. I'm not making a prediction.
1W Rectangle. Support tested. Long.The Hard Red Winter Wheat is trading sideways within a long term 1W Rectangle (RSI = 51.682, Williams = -53.356, CCI = 24.4952, Highs/Lows = 0.0000) and the High Volatility (ATR = 43.4643) sustains this movement. After a successful support test, we are long with TP = 562.60.
Fresh Zones in Wheat #OutlookI am not a fan of commodity trading but it comes down to opportunity I take whatever is available. Here is the picture of fresh supply and demand zones in wheat which can be played out with proper risk to reward.
Remember trading is only easy when you consider risk to reward like any other business.
Cheers :)