WHEAT Technical Analysis | WHEAT Trading: 2020-09-17 | IFCM
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WHEAT Technical Analysis - WHEAT Trading: 2020-09-17

Wheat Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Below 534.3

Sell Stop

Above 556.8

Stop Loss

Ara Zohrabian
Senior Analytical Expert
Articles 2451
IndicatorSignal
RSI Neutral
MACD Sell
Donchian Channel Sell
MA(200) Buy
Fractals Sell
Parabolic SAR Sell
Fibonacci Buy

Wheat Chart Analysis

Wheat Chart Analysis

Wheat Technical Analysis

On the daily timeframe the WHEAT: D1 is falling toward the 200-day moving average MA(200) which has levelled off. We believe the bearish momentum will continue as the price breaches below the lower Donchian boundary at 534.3. A pending order to sell can be placed below that level. The stop loss can be placed above 556.8. After placing the order, the stop loss is to be moved every day to the next fractal high, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis of Commodities - Wheat

Wheat price decline continues after increased global ending stock and production forecast in WASDE. Will the wheat price continue declining?

The US Department of Agriculture World Agricultural Supply and Demand Estimates September report a week ago forecast larger global 2020/21 supplies and higher stocks. Total 2020/21 net wheat production is now forecast at record 770.5 million bushels, up 4.5 million tons, mainly due to expected higher production in Australia and Canada. Projected 2020/21 world ending stocks are increased 2.6 million tons to a new record 319.4 million. Expectations of ample global wheat supply are bearish for wheat price.

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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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