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WHEAT Technical Analysis - WHEAT Trading: 2021-08-05
Wheat Technical Analysis Summary
Above 743.6
Buy Stop
Below 668.6
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
Wheat Chart Analysis
Wheat Technical Analysis
The #C-Wheat technical analysis of the price chart on daily timeframe shows #C-Wheat, Daily is retracing higher above the 200-day moving average MA(200) which is rising still. We believe the bullish momentum will continue as the price breaches above the upper Donchian boundary at 743.6. A pending order to buy can be placed above that level. The stop loss can be placed below 668.6. After placing the order, the stop loss is to be moved every day to the next fractal low, 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
The downgrade of US and Canadian spring wheat crop estimates supports wheat price. Will the wheat price continue rebounding?
Spring wheat ratings in Canada and the US keep dropping and so do yield prospects. The US Department of Agriculture estimates hard red spring domestic production at 305 million bushels (8.3 Million tons), a 42% decrease from last year. For durum wheat, demand rationing will be necessary as the potential sizes of the Canadian and US crops get smaller and smaller. At the same time several private estimates of the Russian wheat crop have been cut sharply to a 76-78 million tons range since late last week. Expectations of lower global wheat supply are bullish for wheat price.
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