Loss of bearish momentumLooking at Heikin-Ashi signal we may have a local bottom after the serious selloff. Some consolidation or a pull back to 404-410 is possible, but the main structure remains bearish. Bullish key reversal points are higher at 418 and 438by Kumowizard6
Christmas wheatieswheat has been pushed down hard on large crop volume and seems like good time to take a shot, will use a calendar spread to reduce cash requiredLongby alleytraderUpdated 5
CBoT wheat waiting for the bottomWheat: Price took an impressive beating of 8.5% for the week with especially Friday's session being very weak with a 4% decline in value. The move of Friday was very decisive and volatile which is a very strong indication that more decline is to be expected during the coming week. There is no tradable bottom in this market just as yet and we will need to allow price another 7-10% decline before we can think of a tradable low. Even though we now feel that we have a clear vision on what is to come it is by far too late to entertain a short play but at the same time it is too early to consider a long play. Lean back, relax, wait & see. by Remko3
Be careful with continous contract charts!The latest spike on this chart happened only because the data provider switched from September ZWU6 to next front contract December ZWZ6. As Dec is trading higher because of curve contango (ZWU6 price is 408 right now), the change in underlying contract temporarely distorts indicators on the chart, however also calls our attention to possible new setups and patterns. Weekly: - Ichimoku is bearish - Heikin-Ashi is swing bullish, but even with higher ZWZ6 price it looks like haDelta is turning down. This shows the market is still under selling pressure - MACD and EWO ticks up, but both are still bearish. Daily: - Ichimoku is neutral due to contract switch, but if you'd replace price with still tradable ZWU6, that shows we are at the lows again. - Heikin-Ashi has bearish indication. - What should we focus at? I think if ZWU6 holds above 400 before contract maturity next week, that would make a possible double bottom on the "old' setup. If we translate this to the new setup with ZWZ6, that would make a possible Kijun retest ard 422-425. So in case December Wheat gives a buy signal around 425 support, we'll have an inverse Head and Shoulders pattern, with possibly 460-480 target later. Strategy: wait until ZWZ6 price gets lower to Kijun Sen. Look for a buy signal there. Enter 1 unit long in case of valid signal. Increase to 2-3 units if price confirms and market breaks above 440 later.Longby Kumowizard226
CBoT wheat neutralWheat: We have rolled over to the DEC16 contract. Price action is not really giving away a lot and has been puzzling us more than one time during the past months. The descending wedge that we see in this chart usually is a reversal pattern from where price aggressively trades up but the break out of the upper line of same wedge was't really impulsive. We are going to lean back and take a 'wait & see' attitude on this chart for one or two weeks. by Remko2
wheatjust touched down on a 15 year trend line a few weeks back. will be longing wheat until the thin downward trend line Longby trevorthorstensen1
long wheatJust touched down on a 15 year trend not too long ago. watch for the highlighted area to buy in or wait until it comes back down to that bottom trend line. RSI currently heading up. I will be longing wheat until it hits the thin downward trend lineLongby trevorthorstensen1
Wheat future to the back just wait37 work day tg 532 buy the dips 413-415 good price Longby evirgen32
CBoT wheat still waiting for the short play entry opportunityWheat: Price has not made to corrective move up during last week as per anticipation but rather kept moving sideways with a rather volatile session last Friday. We keep our views unchanged but have to accept that the timing will be later than what we were initially expecting. Consequently we have moved the preferred path in time. We are waiting for the move to the 345/355 level to see whether we can call for a tradable top there and we expect same (again) to appear during the coming week.by Remko2
WHEAT BUY OPPORTUNITTYwe are at 07 lows, do you see what happened in 08 when the collapse happened? What do you think will happen when our economy collapses again and we enter hyper inflation? Commodity prices SOAR! You know we have a bond bubble, student loan bubble, auto loan bubble, our economy is in major debt! So what happens when we go bankrupt? Our paper assets are gone. Clear buyLongby LAfxtrader0
CBoT wheat Wheat: Price has performed a 'Bullish Engulfing' last week which usually is a reliable reversal pattern although it need reconfirmation. Price also settled above the short term resistance level last Friday which gives the BE more credibility. We expect price to make a swing up from here to the 450/460 zone where we expect price to reverse for a 15% move to the downside and which would actually offer a short play opportunity.by Remko3
$WHEAT - Mirage or Stampede - in search of the bottom.A few things: ... on Monday we have #notrading day in #Chicago. ... often in the triangle wave "e" is ...a triangle. ... the chart above is a only continuation graph. ... every year we have five contracts for wheat: 1. March - "H" : 2. May - "K": 3. July - "N". 4. September "U". 5. December "Z". Considering the above, you should look for bottom on the July contract in the area $417-405. Last trading day of this contract is 14th of July. If I'm wrong - let the Gods help us. GL! www.cmegroup.com Longby heheUpdated 7
$WHEAT - Ending Diagonal - The Last Chance for Bulls.Wheat prices are now below of cost production - american farmers say. On the other side - market analysts saying we’re going to have a new cost level cca. $3.75. Next Friday we have another #WASDE report. GL! www.thepatternsite.comLongby heheUpdated 227
CBoT Wheat back to neutral modeWheat: We just can't figure out this chart as we would have expected the 'double-key-reversal' pattern of July 22 to have found follow through which did not happen. Instead, price made a lower low and a new record low for the contract last Friday which usually is a sign that even lower levels are in the card. We want to let this chart unfold without further bias and turn neutral for now until we get a better picture. by Remko2