- 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.
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.