For some reason Wheat has been the wekest in the agri space. While Soybeans has been bullish for long time now, and Corn also made a bullish break on daily, Wheat just could not catch up. What levels does it have to clear for a bullish reversal?
Weekly:
- Ichimoku setup is bearish until price is below Kijun. Trend is still bearish.
- Long term strategic key levels for Bulls: 480 (Kijun), 495 (100wma) and 520-525 (trendline and Kumo). This levels are close to each other and as we saw 5 weeks ago, market can move really quickly up to 520.
- Heikin-Ashi signals have been mixed. haDelta zig-zaf around zero. Bullish attempt failed a month ago, but we neither have a bearish follow through. Bottom building? Maybe.
Daily:
- I know, price is below Kumo, but this Kumo is thin, and we see very agressive price action around it. Ichimoku setup I'd say is neutral, sometimes with bearish sometimes with bullish bias. A typical example how Ichimoku alone can not be used on ranging markets! Of course not, as it is designed to be a trendfollowing system.
- This market is not trending. It is wild and choppy in a wider range. but at least the key levels are visible: 485 (Kijun and mid if range) and 520 as top of range. In fact if price could move back and stay above 490, that could be finally a start of a real bullish breakout.
- EWO is zig-zag around zero. Neutral
- Heikin-Ashi signal calls for a 0,5-1 unit swing buy.
Strategy: Enter 0,5-1 volatility adjusted trade unit long. Size up above 472 and triple up above 486. Trailing stop with initial level of 456.
Weekly:
- Ichimoku setup is bearish until price is below Kijun. Trend is still bearish.
- Long term strategic key levels for Bulls: 480 (Kijun), 495 (100wma) and 520-525 (trendline and Kumo). This levels are close to each other and as we saw 5 weeks ago, market can move really quickly up to 520.
- Heikin-Ashi signals have been mixed. haDelta zig-zaf around zero. Bullish attempt failed a month ago, but we neither have a bearish follow through. Bottom building? Maybe.
Daily:
- I know, price is below Kumo, but this Kumo is thin, and we see very agressive price action around it. Ichimoku setup I'd say is neutral, sometimes with bearish sometimes with bullish bias. A typical example how Ichimoku alone can not be used on ranging markets! Of course not, as it is designed to be a trendfollowing system.
- This market is not trending. It is wild and choppy in a wider range. but at least the key levels are visible: 485 (Kijun and mid if range) and 520 as top of range. In fact if price could move back and stay above 490, that could be finally a start of a real bullish breakout.
- EWO is zig-zag around zero. Neutral
- Heikin-Ashi signal calls for a 0,5-1 unit swing buy.
Strategy: Enter 0,5-1 volatility adjusted trade unit long. Size up above 472 and triple up above 486. Trailing stop with initial level of 456.
