WHEAT

- USD (-)

- 10 min delayed data - CBOT Futures

Open:	-
Change:	-
Volume:	-

Low:	-
High:	-
High / Low range:	-

Type:	Commodities
Ticker:	WWY
ISIN:

WHEAT - Daily - Technical analysis published on 05/15/2024 (GMT)

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Timeframe : Daily
- Analysis generated on
Status : INVALID

Summary of the analysis

Trends

Short term: Strongly bullish

Underlying: Strongly bullish

Technical indicators

78%

22%

My opinion

Bullish above 654.92 USD

My targets

677.42 USD (+0.28%)

723.50 USD (+7.11%)

My analysis

WHEAT is part of a very strong bullish trend. Traders may consider trading only long positions (at the time of purchase) as long as the price remains well above 654.92 USD. The next resistance located at 677.42 USD is the next bullish objective to be reached. A bullish break in this resistance would boost the bullish momentum. The bullish movement could then continue towards the next resistance located at 723.50 USD. After this resistance, buyers could then target 831.39 USD. With the current pattern, you will need to monitor for possible bullish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bullish trend. Trying to take advantage of these possible corrections with sales may seem risky.

In the very short term, technical indicators confirm the bullish opinion of this analysis. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.

Force

8.2

Comment on the analysis

Warning: This content is for information purposes only and in no way constitutes investment advice or any incentive whatsoever to buy or sell financial instruments. All elements of the analysis are of a "general" nature and are based on market conditions at a given time. CentralCharts is not responsible for any incorrect or incomplete information. Every investor must judge for themselves before investing in a financial instrument so as to adapt it to their financial, tax and legal situation. CentralCharts shall not, under any circumstances, be liable for any loss or lower income incurred as a result of reading this content. Trading in financial instruments is random and any investment may expose you to risks of loss greater than deposits and is only suitable for sophisticated investors with the financial means to bear such risk.

This analysis was given by Barts_XV. Take part yourself by sharing additional analysis on another time unit:

Additional analysis

Quotes

WHEAT rating 675.50 USD. The price has increased by +0.45% since the last closing with the lowest point at 670.50 USD and the highest point at 682.50 USD. The deviation from the price is +0.75% for the low point and -1.03% for the high point.

670.50

682.50

675.50

A bullish opening was detected by the Central Gaps scanner. Buyers are trying to impose a bullish momentum in the very short term.

Bullish opening

Type : Bullish

Timeframe : Openning

So that you have an overall view of the price change, here is a table showing the variations over several periods:

The study of the highest / lowest by the Central Records scanner shows the following results:

Near a new HIGH record (1st january)

Type : Bullish

Timeframe : Weekly

Near a new HIGH record (1 month)

Type : Bullish

Timeframe : Weekly

Technical

Technical analysis of WHEAT in Daily shows a strongly overall bullish trend. 89.29% of the signals given by moving averages are bullish. This strongly bullish trend is supported by the strong bullish signals given by short-term moving averages. An assessment of moving averages reveals a bullish signal that could impact this trend:

Moving Average bullish crossovers : AMA50 & AMA100

Type : Bullish

Timeframe : Daily

In fact, according to the parameters integrated into the Central Analyzer system, 14 technical indicators out of 18 analysed are currently bullish. But beware of excesses. The Central Indicators scanner currently detects this:

CCI indicator is overbought : over 100

Type : Neutral

Timeframe : Daily

Williams %R indicator is overbought : over -20

Type : Neutral

Timeframe : Daily

The Central Indicators scanner found no further results concerning independent technical indicators.

Central Patterns, the scanner specializing in chart patterns, did not identify any signals.

The presence of these Japanese chandelier patterns detected by Central Candlesticks that could impact the current short-term trend were also noted:

Bullish harami

Type : Bullish

Timeframe : Daily

Doji

Type : Neutral

Timeframe : Daily

ProTrendLines

Price

	S3	S2	S1	Price	R1	R2	R3
ProTrendLines	581.82	632.88	654.92	675.50	679.50	723.50	831.39
Change (%)	-13.87%	-6.31%	-3.05%	-	+0.59%	+7.11%	+23.08%
Change	-93.68	-42.62	-20.58	-	+4.00	+48.00	+155.89
Level	Intermediate	Intermediate	Major	-	Major	Minor	Minor

To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:

Daily

Pivot points	S3	S2	S1	PP	R1	R2	R3
Standard	633.25	650.50	661.50	678.75	689.75	707.00	718.00
Camarilla	664.73	667.32	669.91	672.50	675.09	677.68	680.27
Woodie	630.13	648.94	658.38	677.19	686.63	705.44	714.88
Fibonacci	650.50	661.29	667.96	678.75	689.54	696.21	707.00

Weekly

Pivot points	S3	S2	S1	PP	R1	R2	R3
Standard	571.17	590.33	626.92	646.08	682.67	701.83	738.42
Camarilla	648.17	653.28	658.39	663.50	668.61	673.72	678.83
Woodie	579.88	594.69	635.63	650.44	691.38	706.19	747.13
Fibonacci	590.33	611.63	624.79	646.08	667.38	680.54	701.83

Monthly

Pivot points	S3	S2	S1	PP	R1	R2	R3
Standard	471.83	510.92	555.08	594.17	638.33	677.42	721.58
Camarilla	576.36	583.99	591.62	599.25	606.88	614.51	622.14
Woodie	474.38	512.19	557.63	595.44	640.88	678.69	724.13
Fibonacci	510.92	542.72	562.37	594.17	625.97	645.62	677.42

Numerical data

The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:

Technical indicators

Moving averages

RSI (14):	69.52
MACD (12,26,9):	24.6500
Directional Movement:	24.60
AROON (14):	64.29
DEMA (21):	660.19
Parabolic SAR (0,02-0,02-0,2):	648.80
Elder Ray (13):	32.11
Super Trend (3,10):	612.25
Zig ZAG (10):	674.75
VORTEX (21):	1.2500
Stochastique (14,3,5):	83.21
TEMA (21):	676.26
Williams %R (14):	-20.24
Chande Momentum Oscillator (20):	66.75
Repulse (5,40,3):	1.6100
ROCnROLL:	1
TRIX (15,9):	0.4700
Courbe Coppock:	21.30

MA7:	658.86
MA20:	623.27
MA50:	587.27
MA100:	597.25
MAexp7:	660.63
MAexp20:	630.77
MAexp50:	606.11
MAexp100:	604.39
Price / MA7:	+2.53%
Price / MA20:	+8.38%
Price / MA50:	+15.02%
Price / MA100:	+13.10%
Price / MAexp7:	+2.25%
Price / MAexp20:	+7.09%
Price / MAexp50:	+11.45%
Price / MAexp100:	+11.77%

Quotes : - 10 min delayed data - CBOT Futures

News

Don't forget to follow the news on WHEAT. At the time of publication of this analysis, the latest news was as follows:

This member declared not having a position on this financial instrument or a related financial instrument.

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