Wheat Futures - Bump to 593 and Possible BreakoutWheat has a solid base at ~540. Every time we have pushed to or above the red down sloping trendline we reverse to this level. This has formed a triangle that is reaching a decision point that may yield to a breakout of this low level and a push above the 600 level. Given that the price has held firm to the red trendline for so long a move above it will be a reason to keep an eye on it. If the price retests to the red trendline then it is cause to watch closer for a possible break above the 600 level. If a retest goes back to the 545 level then its more likely the price will continue to crab in this range.
I'd say that from this level the push to 600 is more than certain in the short term given the previous behaviour of the price from this level. Again, what is uncertain is whether or not we get a push beyond 600, and that is largely dependent on the retest. Worth keeping an eye on.
Edit: Its worth noting that on the 4hrly chart there is a double bottom that has been printed and a congestion zone following confirmation of the pattern has printed. Currently it has had a break and retest of the pattern. So it is likely that the move to 600 is already underway.
WHEATK2025 trade ideas
WHEATN2024 ShortWheat price did higher highs, RSI did lower highs, we have a bearish divergence.
Wheat daily RSI is overbought.
Fibonacci extension shows that it can $641, that corresponds to 1.618 Fibonacci.
Also we have the white lines that correspond to current supports, at $650 and $633.
Thank you.
Wheat and Fertilizer Futures: A Cash Cow for War Mongers In this layout I have Black Sea Wheat and Corn, Australian and Ukrainian Wheat, and 4 main Fertilizer (UREA) Futures.
Conflict and Wars are good ways for Financial Institutions like Black Rock and State Street Corp oration to make a lot of money. What better way than to destroy the wheat fields/silos themselves and profit at the same time?
These markets are built in blood and they are sitting on Advanced Fibonacci Blueprints showing who is really in control.
Volatility may be seen as many Russia pulled out of the Black Sea Grain Deal. Wheat supplies will undergo straining for the foreseeable future.
Black Sea Wheat futures SHORT to $250Futures for Black Sea Wheat are clearly on the downside due to fundamental reasons. Finally, Ukrainian Wheat is transported by ships and also from the Baltic Sea through Poland, Lithuania and Latvia. It is relief for many reasons like global hunger, stabilization of basic food prices etc. Emotion are playing a role here and market is on the optimistic side.
Ukraine is the 2nd largest....supplier of grains to the European Union. Most wheat crops are planted in fall and harvested in July (spring wheat is planted through March and should be largely in in the soil already).
Even though prices are shooting up, the total planted area is still about in line with with long-term trends. If tensions with Russia will not get resolved however, and the supply lines for fertilizers/pesticides break down further, then the real trouble begins next fall .
Update: France is already considering foot stamp cheques according to news out today.
WHEAT Futures Long OpportunityProspects for lower than expected acreage in 2019 could help firm the market, but demand still looks modest. Flooding can be an issue in some countries.
The short term trend is turning from bearish to neutral.
Wait for the breakout of 530.
WN2017 - July '17 Wheat FuturesAs the market made lower lows, the MACD indicator made higher highs. This is very powerful bullish divergence. Circled is where the MACD crossed over to the upside, further indicating bullishness.
Stops should be placed slightly below the most recent low of 429'4, which occurred on March 31.
Profit targets are at the Fibonacci retracement levels.
Target 1 - 459
Target 2 - 483
Target 3 - 503*
*Following the same pattern as the other upward movements would put price at this level on June 21, the summer solstice.
MW1! @ daily @ closed last 8 days higher, while every day
This is only a trading capability - no recommendation !!!
Buying/Selling or even only watching is always your own responsibility ...
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Closings Bullish (32 Commodities)
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Aaron
Wheat -- near long opportunityProbably soon there will be nice long opportunity, at least for correction. Closely watching & bought small part for medium term.
Wheat Futures, In demand.Todays close was in yesterdays demand. All the beans closed positive. Wheat will have a bounce back tomorrow depending on the open.
Buy WN2016 at 461 with a Stop at 449 and Target at 488.WN2016 after a long fall has recently formed a triple bottom and could be switching to a range trade or eventually an uptrend. We are buying at the low end of the range and aiming to sell at the high end of the range with a 2 to 1 Reward to Risk.