I made this on the request of someone who shorted WEAT.
WEAT, like other commodities oil & gold, is still trying to BO of a triangle. Watch carefully which direction is breaks.
Although I think the Ukraine crisis is far from over, WEAT may still have some room to retrace specially when inflation takes a breather before continuing upwards. WEAT so far retraced FIB 50%, the next 2 supports are the 61.8% & 78.6%( less likely).
Zooming out to see the big picture, WEAT has yet to reach a higher 68.8% FIBO from top to bottom.
Just maybe in the long term, WEAT is going up to complete the neck of a CUP formation. With rising inflation coupled with supply crisis, I think there is still more upside.
Not trading advice
WEAT, like other commodities oil & gold, is still trying to BO of a triangle. Watch carefully which direction is breaks.
Although I think the Ukraine crisis is far from over, WEAT may still have some room to retrace specially when inflation takes a breather before continuing upwards. WEAT so far retraced FIB 50%, the next 2 supports are the 61.8% & 78.6%( less likely).
Zooming out to see the big picture, WEAT has yet to reach a higher 68.8% FIBO from top to bottom.
Just maybe in the long term, WEAT is going up to complete the neck of a CUP formation. With rising inflation coupled with supply crisis, I think there is still more upside.
Not trading advice
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.