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WHEAT Technical Analysis - WHEAT Trading: 2023-06-06
Wheat Technical Analysis Summary
Above 666
Buy Stop
Below 569
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Sell |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Wheat Chart Analysis
Wheat Technical Analysis
On the daily timeframe, WHEAT: D1 is in a long-term downtrend. It needs to break out of it to the upside before opening a position. Several technical analysis indicators have generated signals for further upside movement. We do not exclude a bullish move if WHEAT: D1 rises above the upper Bollinger Band line at 666. This level can be used as an entry point. The initial risk limit can be set below the Parabolic signal, the lower Bollinger Band line, the last lower fractal, and the December 2020 low: 569. After the execution of the pending order, the stop should be moved along with the Bollinger Bands and Parabolic signals to the next fractal low. This way, we adjust the potential profit/loss ratio in our favor. The most cautious traders, after entering the trade, can switch to the four-hour chart and set a trailing stop-loss in the direction of movement. If the price surpasses the stop level (569) without activating the order (666), it is recommended to cancel the order: internal changes are taking place in the market that were not considered
Fundamental Analysis of Commodities - Wheat
The weather is getting worse in the US and China. Will WHEAT quotes go up?
The U.S. Midwest is experiencing a drought, which may lead to a decrease in grain crop yields. In China, on the other hand, there are excessive rains, and wheat crops in the Henan province could be particularly affected. The Ukrainian Grain Association and other agricultural agencies do not exclude a significant reduction in wheat harvest in Ukraine this year. In addition to weather conditions, the increase in grain prices could be caused by risks associated with the suspension of the "grain deal" (Black Sea Grain Initiative) for the export of Ukrainian wheat from Black Sea ports.
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