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Wheat

It’s Corn!You know the “It’s Corn” song trending on TikTok? It brings a smile to our face every time we hear it. But if you look at Corn’s price chart and fundamental outlook, that’s a whole other story… Corn’s recent breakout of a symmetrical triangle towards the downside caught our attention. With the clear break and an ensuing retest, Corn is now trading right on previous support levels. We think this might just be a small reprieve in the downward direction it is headed. Not only that, when you zoom out to a longer timeframe, Corn has just broken its long-term trend support established since 2020. This combined with the symmetrical triangle break proves to provide a strong bearish case from here. Classical chart pattern analysis points the take-profit range from the triangle pattern, at roughly 292 points away. From the initial point of breakout, 292 points away takes us back to the 360 level which was the average price seen from 2014 to 2020, back to pre-covid and pre-Russian/Ukraine conflict levels. Additionally, in a or few previous analyses we emphasized how many of the commodities have started to return to ‘normality’ with prices moving back to pre-war levels. We have already seen Wheat and Soybean retracing most of the War rally as prices tumbled, therefore it’s not hard to see Corn do the same soon. Other supporting fundamental factors include the falling Ethanol prices and in turn, lower usage of corn for Ethanol, resulting in overall supply to increase. Fertilizer prices have also fallen from all-time highs, with continued downward momentum. Lower fertilizer cost means better margins for the farmers and potentially higher usage of fertilizers in planting, which may result in better crop yield. Both factors work to lower corn price through more competitive pricing from the farmers and increased supply. Combined, we think the fundamental and technical chart set-up provides a convincing case for Corn to fall lower. We set our stops above the triangle apex and at the previous level of resistance, 688, and our initial take-profit levels at 565 followed by 455, giving us a risk reward of roughly 1.46 and 3.66 from the current level of 637.6. Each 0.0025 point increment in CME Corn Futures is equal to 12.5 USD. The charts above were generated using CME’s Real-Time data available on TradingView. Inspirante Trading Solutions is subscribed to both TradingView Premium and CME Real-time Market Data which allows us to identify trading set-ups in real-time and express our market opinions. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios. A full version of the disclaimer is available in our profile description. Reference: www.cmegroup.com www.cmegroup.com
CBOT:ZC1!Short
by inspirante
1
What commodities will move in the 2nd year Russia-Ukraine War Russia-Ukraine War entered the second year. Most of the commodities skyrocketed after the invasion had returned to or below the pre-war level. Energy is the market focus but the price dropped below the pre-war level and might not have enough geopolitical moment to rebound unless the war fully escalates and spreads to other countries. The weakness of wheat price might reverse if Russia refuse to renew the export deal. Energy products are the main focus in this war since Russia is the world’s key energy exporter. NYMEX WTI crude oil price started from USD92.10 as of the close of 23 Feb 2022, and reached an intraday high of USD130.5 per barrel in March. NYMEX Natural gas is even more volatile, jumped from USD4.623 per MMBtu to reach over USD10 in August. However, despite the sanction and price cap imposed by western countries, the energy exports from Russia maintained at high level, and European winter weather is relatively mild together with the effort to secure supply from non-Russia energy sources, the supply and demand situation is much less bad than many had feared, and the energy price retreated significantly and dropped below pre-war level. As of 24 Feb 2023, NYMEX Natural gas closed at USD2.548, while NYMEX WTI crude oil closed at USD76.32. Assuming the war are restricted in Ukraine and haven’t spread to other European countries, the war will no longer have a material impact on energy price. Western countries don’t want to shut down Russia’s energy supply completely, they just don’t want Russia to make a lot of money from energy exports to finance the war. The ideal situation is Russia selling cheap oil and gas to global market. In fact, Russia is still exporting a lot of their energy products to China and India, and the reduced demand from them in the global market pressured the price. I can’t predict the outcome of a war, but a win by Ukraine might further pressure the energy price since Russia might probably need to aggressively sell their energy for war compensation and rebuilding the country. Even the war maintains the status quo for an extended period of time, it will not stimulus the energy price like last year since many countries had already reduced the reliance on Russia’s energy. What I worry more is grain price. Russia and Ukraine together are supplying one third of global wheat. Many of the Ukrainian grain planted in the Southern and Central part of the country, that had been seriously affected by war. Ukrainian grain exports dropped nearly 30% in the last marketing year. Not only the plantation area will be affected, all the input including labour, fertilizer and chemical supply are also affected, not to mention the harvest and the logistic to export the grain. Grain export deal with Russia is expiring on 19 March, whether Russia will renew it could be a catalyst for market movement, and the lower price of Ukrainian grain because of this uncertainty might also reduce farmer’s willingness to plant wheat. Russian grain production hasn’t been affected yet; in fact, the harvest of wheat is pretty good. When energy crisis didn’t realize, whether Russia will weaponize grain will need further monitor. At this moment, grain export is not targeted by western countries, so Russia might try to export as many grains as possible to improve their financial situation, but if the war situation turned sour, I can’t rule out the possibility of some form of export ban which might make the inflation situation in western countries more complicated. CBOT wheat price started from USX 884.75 as of the close of Feb 23, and reached an intraday high of USX 1363.5 per bushel in March. As of 24 Feb 2023, it closed at USX 721.75. Of course, the weakness could also be explained by bumper crop from Australia and an expected high US production in the coming year. Technically USX 712.5 is an important support, and RSI is approaching oversold level. We might consider a long position @ 715, stop loss @ 680, target @ 800. Disclaimers Above information are for illustration only and there is no guarantee on the accuracy of the information. They should not be treated as investment recommendations or advices. CME Real-time Market Data help identify trade set-ups and express my market views. If you have futures in your trading portfolio, check out on CME Group data plans in TradingView that suit your trading needs www.tradingview.com
CBOT:ZW1!Long
by FOTrading
Fundamentals favour soybean, sugar and wheatAgricultural commodities, led by grains rose sharply in 2022. The two main catalysts for the upside in price were the Russia-Ukraine war alongside other supply challenges. There has been a number of cascading events around these two catalysts involving government interventions globally as food prices soared. However, from mid-October the renewal of the Black Sea grain initiative for six months, helped quell concerns of access to Black Sea ports. We have seen prices decline since then, but from a high level. It’s worth noting that grain exports from Ukraine under the Black Sea Grain Initiative dropped to 3.1mn tons in January compared to 3.6mn tons in December 2022 owing to a slowdown in inspections1. In 2023, the supply demand balance appears to be favouring soybeans, wheat, and sugar. Extreme drought in Argentina lends a tailwind to soybean prices In the case of soybean, a gloomier supply outlook has been a key tailwind for prices in 2023. Argentina, the world’s third largest soybean producer, is expected to see a weaker crop at 35.5mn tons owing to persistent drought and high temperatures. The Foreign Agricultural Service of the US Department of Agriculture (USDA) estimates the crop at just 36mn tons after the USDA previously predicted a crop of 45.5mn tons. However, both estimates are still well above the assessments of local experts. The Rosario Grain Exchange, which asserts the drought is the worst in 60 years, lowered its soybean forecast to 34.5mn tons. Thus, future downward revisions by USDA are quite likely which should help soybeans continue to find support. Net speculative positioning in soybean futures has increased 124% since the start of October underscoring the positive sentiment owing to the tighter supply outlook. Tighter supply on the global sugar market Sugar prices are trading at a six year high. Investors remain concerned over the prospects of the sugar crop in India, the world’s second largest sugar exporter. Sugar cane processing in Maharashtra, the most important growing State, could end 45 to 60 days earlier than last year owing to heavy rainfall that has reduced the availability of sugar cane. In 2022, sugar production reached a record 13.7mn tons, which allowed India to export a record high 11.2mn tons of sugar.2 The Indian Sugar mills Association (ISMA) revised its estimate for domestic sugar production lower from 36.5mn tons to 34mn tons for the 2022/23 season2. This is raising concerns that the Indian government will not approve any further sugar exports for the current marketing year owing to the recent reports of weak production. This does suggest a tighter global sugar market particularly as we are in the midst of Brazil’s (the world’s largest sugar producer) sugarcane off-season. Although Brazil produces sugar all year round, during this period (December to March) few mills continue to crush. Supply from Thailand, the world’s third largest sugar producer is unlikely to fill the gap left behind by the smaller Indian harvest particularly during Brazil’s off-crop. The front end of the sugar futures curve has been in backwardation over the past 3 months and currently provides a roll yield of 7.2% highlighting the tightness in the sugar market. Wheat most exposed to geopolitical tensions Wheat prices have under most pressure from the improved supply prospects from the Black Sea Region. However total grain exports have declined by 29% to 27.7mn tons in the ongoing season (from 1 July 2022 to 31 January 2023), with wheat exports down 42% over the prior year.3 The ongoing escalation in the Russia Ukraine war continue to threaten supply from the breadbasket of Europe. The US Department of Agriculture is forecasting a noticeably smaller Russian wheat crop of 91 million tons for 2022 in sharp contrast to Russia’s State Statistics Agency estimate at a record high of 104.4mn tons. According to the consultant firm SovEcon, the key growing region in the south of Russia has seen only around 40-80% of its normal rainfall over the past three months. The forecasts of this year’s crop in Russia are less optimistic. In the 2022/23 season, a record crop in Russia enabled ample supply of the wheat markets, despite a considerably lower crop in war-torn Ukraine in particular, thereby dampening prices. Lower supply is likely in the coming season, however, not only from the top wheat producers – Russia and the US – but also from Ukraine on account of the ongoing military conflict. The Ukrainian Grain Association (UGA) anticipates a crop volume of 16 million tons. According to the Ukrainian Agriculture Ministry, 20 million tons of wheat were harvested last year. Before the war, the crop had totalled around 30 million tons. Net speculative positioning in wheat futures is currently more than 2-standard deviations below its five-year average, underscoring the extreme bearishness on the wheat market. Amidst the ongoing conflict and lower wheat supply from Russia and Ukraine, wheat prices appear positioned for a rebound from current levels. Sources 1 Bloomberg as of 31 January 2023 2 Indian Sugar Mills Association as of 30 December 2022 3 Bloomberg as of 31 December 2022
CBOT:ZW1!
by aneekaguptaWTE
Descending Triangle Setup on Wheat, Target at 525Overview The main view of this trade idea is on the Daily Chart. The commodity Wheat is in a descending triangle setup, with the resistance trend line at lower highs of 949.08 and 798.34. These lower highs occurred on 10th October 2022 and 30th December 2022 respectively. The support line is observed around the 730 price level. Expectations are for the support at the 730 price level to break and the commodity will decline towards 525. A negation of this view will result in Wheat rallying above 800. Technical Indicators Some technical indicators corroborate the chart pattern setup. The Supertrend indicator is in a sell mode and the Awesome Oscillator is below 0 and Red, indicating a downward trend. The RSI for the commodity is also below 50. The intra-day trend following indicators of Wheat also show downtrends in the 15-Min, 2-Hr, 4-Hr and Daily timeframes. Short term resistance is observed around the 730-770 price range. The longer-term view also show Wheat in a downtrend. It broke below trend in late June 2022 and has been below trend ever since. Indication of a downtrend has been utilized using the 28-Week Simple Moving Average. A change in the long term trend would occur, at the time of writing, with a weekly close above 805. Recommendation The recommendation will be to go short at market, with a stop loss at 800 and a target of 525. This produces a risk/reward ratio of 2.97. Disclaimer The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time of writing, I have exposure to Wheat.
FX:WHEATFShort
by Ceddy86
ZO1! Potential For Bearish ContinuationLooking at the H4 chart, my overall bias for ZO1! is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a sell entry at 351.000, where the 38.2% Fibonacci line is. Stop loss will be at 362.000, where the 61.8% Fibonacci line is. Take profit will be at 327.500, where the previous swing low is. Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
CBOT:ZO1!Short
by VantageMarkets
ZW1! Potential For Bearish ContinuationLooking at the H4 chart, my overall bias for ZW1! is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a sell entry at 740.75, where the 23.6% Fibonacci line is. Stop loss will be at 758.00, where the 38.2% Fibonacci line and recent high are. Take profit will be at 723.50, where the previous swing low is. Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
CBOT:ZW1!Short
by VantageMarkets
Agricultural Commodities - When the Big Elephant Left the RoomCBOT: CBOT:ZW1! , CBOT:ZS1! , CBOT:ZC1! , CME:HE1! This is the second report in the series “Year of the Rabbit: Short-tailed Trading”. US inflation began to pick up in March 2021 and rose rapidly throughout the year. Federal Reserve officials told Americans not to worry. It was due to supply chain issues and comparisons to low baseline numbers in 2020 when economies were shut down. After CPI rose to 7.0% in December, the Fed voted to keep the Fed Funds rate unchanged at 0-0.25% on January 26th, 2022. Inflation would be “transitory”. Just ignore the big elephant in the room and it would go away. That’s the prevailing thinking at the time. Then a military conflict took place in the former Soviet bloc. The war shock and ensuing impact from embargo of Russian products pushed the prices of commodities, from gold, nickel, crude oil, natural gas, to winter wheat and many others to record high. On March 16th, the Fed raised rate by 25 basis points with a change of heart. This baby step turned into the most intense battle against inflation with seven consecutive rate hikes. “Strong Dollar, Weak Commodities” and “High Rate, Low Price” became the dominant theme of the global commodities market. Many commodities gave up early gains and priced at or below prewar levels. US headline inflation rate peaked at 9.1% in June and Core CPI (which excludes food and energy) topped in September. They have come down ever since. 2022 was all about geopolitical crises and central bank actions. Along with investor sentiment, they dominated market trends. Economic fundamentals have been left largely unnoticed. Outlook for 2023 In the new year, these macro factors would likely stay in the back burners. When the big elephant left the room, fundamentals in each market would once again drive commodities prices. Commodities markets might be less volatile compared to last year. One notable exception is China. The government ended its strict Zero-Covid policies on December 7th. From January 8th, Chinese tourists would be hitting popular travel destinations around the world, after nearly three-year absence. Normalization of daily life and business activity will not only boost China’s economy, but also lend needed support to the global economy which many believe to be on the verge of a recession. However, surges in Covid cases raise the risk of new and more deadly virus. By one estimate, up to one billion people are already Covid-positive in China. This is one-eighth of the world population! For a thorough analysis of China’s re-opening and its impact, please check out my previous report, The Rise and Fall of Chinese Yuan. This concludes a high-level overview before we move to discuss what all these mean for agricultural commodities in 2023. Fundamental Supply and Demand Built on Higher Baseline While the big elephant has left, it still casts a shadow in the room. Inflation is sticky. Rate increases have lasting impacts long after the hikes are over. This is evident in food costs. Inflation pushed the cost of producing, processing, distributing, and selling agricultural products to a high level. November CPI for food items was 10.6%, much higher than the headline CPI of 7.1%. The cost for food at home grew 12% annually, indicating a rapid rise in grocery prices. There are no rate cuts nor deflation in sight. This means that food costs will continue to go up, although at a slower pace. Wheat, corn, and soybean have different supply and demand fundamentals. But CBOT futures price charts show similar patterns for all three in the past three years. As I pointed out earlier, inflation, geopolitical crisis and Fed rate hikes took turns driving commodities markets across the board. Economic fundamentals got set aside. Volatility is a friend for options traders. Last June, I introduced a Long Strangle strategy on CBOT Wheat (ZC). At the time, wheat price was swung widely by actions in the battlefield. A surprise agreement that allowed Ukrainian grain cargoes to pass the Russia-control Black Sea sent price sharply down, making our put options 400% more valuable. This year, we will focus on more subtle changes in traditional supply and demand factors, such as planted acreage, weather, yield, and export. Spread Trade Opportunities Inflation and rate hikes hit different parts of the agricultural markets differently. For the same commodities, the spread between farm-level price and retail grocery price has become wider due to cost increase. The commodities used as input in food product and those for output respond to different fundamentals. When inflation and interest rate are moving fast, the traditional price relationship may be temporally dislocated, opening opportunities for spread trades. Take the example of the Lean Hog market: Last August, USDA Daily Hog and Pork Report showed that benchmark Iowa Carcass Base Price averaged $128/cwt. Hog Crush Margin represents production profit by hog farmers. It is defined by the value of lean hog (LH) less the cost of weaned pig (WP), corn (C) and soybean meal (SBM). On August 2nd, I presented the trade idea “Short the Hog Margin If You Expect Lower Pork Price”. It’s a profitable trade. On January 6th, USDA benchmark carcass is quoted at $74, a whopping 42% decline in five months. For this spread trade, I used a Hog Feeding Spread to replicate the economic hog crush margin with CME lean hog (HE), CBOT Corn (ZC) and CBOT Soybean Meal (ZM). The size of relevant futures contracts: HE, 40000 lbs.; ZC, 5000 bushels; and ZM, 100 short tons. A typical hog feeding spread is 7:3:1, which may be expressed as: Hog Feeding Spread = 7 x HE – 3 x ZC – 1 x ZM As I expect hog margin to shrink, I short the spread: Sell hog, buy corn and meal. I will continue to monitor the agricultural commodities space in the new year. Whenever spreads or other trade opportunities arise, I will present the new ideas on TradingView. Happy trading. Disclaimers *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. CME Real-time Market Data help identify trade set-ups and express my market views. If you have futures in your trading portfolio, check out on CME Group data plans in TradingView that suit your trading needs www.tradingview.com
CBOT:ZW1!Long
by JimHuangChicago
11
Wheat Potential for Bullish Continuation Looking at the H4 chart, my overall bias for ZW1! is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market. Price has tapped into my pullback buy entry at 761.50, where the 78.6% Fibonacci line is. Stop loss will be at 744.75, where the 23.6% Fibonacci line is. Take profit will be at 785.50, where the previous swing high and 161.8% Fibonacci extension line are. Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
CBOT:ZW1!Long
by VantageMarkets
Wheat Potential For Bullish ContinuationLooking at the H4 chart, my overall bias for ZW1! is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Looking for a possible pullback buy entry at 761.50, where the 78.6% Fibonacci line is. Stop loss will be at 744.75, where the 23.6% Fibonacci line is. Take profit will be at 785.50, where the previous swing high and 161.8% Fibonacci extension line are. Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
CBOT:ZW1!
by VantageMarkets
Wheat Potential For Bearish ContinuationLooking at the H4 chart, my overall bias for ZW1! is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a possible sell stop entry at 745.75, where the 23.6% Fibonacci line is. Stop loss will be at 761.50, where the 78.6% Fibonacci line is. Take profit will be at 731.25, where the -27.2% Fibonacci expansion line is. Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
CBOT:ZW1!Short
by VantageMarkets
🌾Wheat (ZW): Elliott Wave Analysis●● Preferred count ● Wheat - CBOT (ZW.F), 🕐TF: 1Q Fig.1 The counting of the wave structure of 1840-1972 has been revised in favor of a supercycly triangle (IV) , the subsequent series of uptrend waves is interpreted as waves I , II and III as part of the unfolding ending diagonal (V) . _______________________________________ ● Wheat Futures (CBOT), 🕐TF: 2W Fig.2 The target for wave IV may be the Fibo level of 78.6% of wave II . _______________________________________ ● Wheat Futures (CBOT), 🕐TF: 1D Fig.3 A variant of counting the wave structure of wave III . The wave structure is expected to become more complex up to the sideways correction. If the correction takes the form of a triangle, as it is schematically depicted in Fig.4 , then a good trading setup will open for opening a short position. 📚 Elliott Wave Guide & Ellott Wave Archive ⬇️⬇️
CBOT:ZW1!
by TradeWaves-EWA
ZW1! Potential For Bearish ContinuationLooking at the H4 chart, my overall bias for ZW1! is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a sell stop entry at 750.75, where the 61.8% Fibonacci line is. Stop loss will be at 767.25, where the 61.8% Fibonacci line and previous high is. Take profit will be at 723.50, where the previous swing low is. Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
CBOT:ZW1!Short
by VantageMarkets
Wheat Has Topped, But Corrective Recovery Can Be NearWheat has topped, but corrective recovery can be near, as we see it finishing a five-wave cycle from the highs. Wheat has been in a massive rally at the beginning of 2022 due to war in Ukraine, but now that stocks are trying to stabilize in the second part of 2022, we can see commodities slowing down within deeper corrections. Wheat has five waves down from the highs into first leg A, now unfolding and finishing wave "5" of A that can stop around 700 - 600 area. So, top is in place temporarily, but corrective pullback in wave B may occur at the beginning of 2023, which can retest the 950 – 1000 resistance area before we will later see more weakness within wave C. All the best! If you like what we do, then please like and share our idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
CBOT:ZW1!
by ew-forecast
ZW1! Potential For Bullish RiseLooking at the H4 chart, my overall bias for ZW1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. However, I am looking to play the pullback. Price has tapped into my buy stop entry at 756.25, where the 23.6% Fibonacci line is. Stop loss will be at 723.50, where the recent swing low is. Take profit will be at 799.50, where the 61.8% Fibonacci line is. Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
CBOT:ZW1!Long
by VantageMarkets