WHEAT - Daily - Technical analysis published on 05/15/2024 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
78%
0%
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
0
10
8.2
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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:
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
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
S3
S2
S1
R1
R2
R3
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 :
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10 min delayed data
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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:
- Trading the trend: short Chicago wheat
- Trading into 2024: Chicago Wheat and an early possibly entry into Elliot Wave
- Watch wheat, corn, soy price volatility, rising Black Sea tensions
- AI – How to sort the ‘wheat from the chaff’
- Wheat prices soar as Russia bombs Ukraine's grain stores - BBC News
This member declared not having a position on this financial instrument or a related financial instrument.
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