- Strong support at 66.80/BU with strong rejection candlesticks (hammer)
- Bullish engulfing on this support
- Rebound on the 150 Exponential Moving Average
- Broke up the 100 Exponential Moving Average
- Rebound on the 38.2% Fibonacci retracement level
- Hidden bullish divergence on Relative Strenght Index (RSI)
- Head & Shoulders pattern
Fundamental news:
- Cut of worldwide wheat production
- Oversold position before monthly USDA report
Objectives:
Wheat could goes up to the 77.22/BU level (61.8% Fibonacci retracement level) and then goes down and confirm the Head & Shoulders pattern. The theoretical objective is 55.80/BU (support). Before this level, there is a strong support at $6.20/bu. WHAT DO YOU THINK ABOUT THIS IDEA?
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- Bullish engulfing on this support
- Rebound on the 150 Exponential Moving Average
- Broke up the 100 Exponential Moving Average
- Rebound on the 38.2% Fibonacci retracement level
- Hidden bullish divergence on Relative Strenght Index (RSI)
- Head & Shoulders pattern
Fundamental news:
- Cut of worldwide wheat production
- Oversold position before monthly USDA report
Objectives:
Wheat could goes up to the 77.22/BU level (61.8% Fibonacci retracement level) and then goes down and confirm the Head & Shoulders pattern. The theoretical objective is 55.80/BU (support). Before this level, there is a strong support at $6.20/bu. WHAT DO YOU THINK ABOUT THIS IDEA?
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Nota
Head & Shoulders pattern seems to be invalidated.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.