WHEAT - 1H - Technical analysis published on 05/20/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : INVALID
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Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
28%
39%
33%
My opinion
Bearish under 662.43 USD
My targets
654.92 USD (-0.58%)
632.88 USD (-3.93%)
My analysis
The bearish trend is currently very strong for WHEAT. As long as the price remains below the resistance at 662.43 USD, you could try to take advantage of the bearish rally. The first bearish objective is located at 654.92 USD. The bearish momentum would be revived by a break in this support. Sellers would then use the next support located at 632.88 USD as an objective. Crossing it would then enable sellers to target 609.70 USD. Be careful, given the powerful bearish rally underway, excesses could lead to a short-term rebound. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.
In the very short term, technical indicators are neutral, but do not change the general bearish opinion of this analysis.
Force
0
10
6.1
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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
The WHEAT rating is 658.75 USD. On the day, this instrument gained +1.15% with the lowest point at 654.00 USD and the highest point at 662.25 USD. The deviation from the price is +0.73% for the low point and -0.53% for the high point.654.00
662.25
658.75
The Central Gaps scanner detects a bullish opening marking the presence of buyers ahead of sellers at the opening but not sufficiently marked to allow the price to register a quotation gap.
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:
Technical
Technical analysis of WHEAT in 1H shows a overall strongly bearish trend. 89.29% of the signals given by moving averages are bearish. The overall trend is supported by the strong bearish signals from short-term moving averages. The Central Indicators market scanner is currently detecting several bearish and bullish signals that could impact this trend:
Bearish trend reversal : Moving Average 100
Type : Bearish
Timeframe : 1 hour
Moving Average bullish crossovers : AMA20 & AMA50
Type : Bullish
Timeframe : 1 hour
The technical indicators are generally neutral. They do not provide relevant information on the direction of future price movements.
The Central Indicators scanner found this result concerning these indicators:
MACD crosses UP its Moving Average
Type : Bullish
Timeframe : 1 hour
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects these signals that could have an impact on the current short-term trend:
Bullish harami
Type : Bullish
Timeframe : 1 hour
Bullish harami cross
Type : Bullish
Timeframe : 1 hour
Doji
Type : Neutral
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 609.70 | 632.88 | 654.92 | 658.75 | 662.43 | 676.50 | 687.00 |
| Change (%) | -7.45% | -3.93% | -0.58% | - | +0.56% | +2.69% | +4.29% |
| Change | -49.05 | -25.87 | -3.83 | - | +3.68 | +17.75 | +28.25 |
| Level | Minor | Major | Major | - | Minor | 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 | 615.92 | 633.08 | 642.17 | 659.33 | 668.42 | 685.58 | 694.67 |
| Camarilla | 644.03 | 646.44 | 648.84 | 651.25 | 653.66 | 656.06 | 658.47 |
| Woodie | 611.88 | 631.06 | 638.13 | 657.31 | 664.38 | 683.56 | 690.63 |
| Fibonacci | 633.08 | 643.11 | 649.31 | 659.33 | 669.36 | 675.56 | 685.58 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 588.58 | 619.42 | 635.33 | 666.17 | 682.08 | 712.92 | 728.83 |
| Camarilla | 638.39 | 642.68 | 646.97 | 651.25 | 655.54 | 659.82 | 664.11 |
| Woodie | 581.13 | 615.69 | 627.88 | 662.44 | 674.63 | 709.19 | 721.38 |
| Fibonacci | 619.42 | 637.28 | 648.31 | 666.17 | 684.03 | 695.06 | 712.92 |
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 are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 44.47 | |
| MACD (12,26,9): | -3.1500 | |
| Directional Movement: | -5.04 | |
| AROON (14): | -64.29 | |
| DEMA (21): | 656.92 | |
| Parabolic SAR (0,02-0,02-0,2): | 662.25 | |
| Elder Ray (13): | -0.38 | |
| Super Trend (3,10): | 665.21 | |
| Zig ZAG (10): | 658.75 | |
| VORTEX (21): | 0.8900 | |
| Stochastique (14,3,5): | 35.86 | |
| TEMA (21): | 655.87 | |
| Williams %R (14): | -63.44 | |
| Chande Momentum Oscillator (20): | -8.25 | |
| Repulse (5,40,3): | -0.1900 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.0700 | |
| Courbe Coppock: | 4.10 |
| MA7: | 666.04 | |
| MA20: | 636.06 | |
| MA50: | 593.70 | |
| MA100: | 597.75 | |
| MAexp7: | 658.28 | |
| MAexp20: | 661.04 | |
| MAexp50: | 665.38 | |
| MAexp100: | 664.22 | |
| Price / MA7: | -1.09% | |
| Price / MA20: | +3.57% | |
| Price / MA50: | +10.96% | |
| Price / MA100: | +10.20% | |
| Price / MAexp7: | +0.07% | |
| Price / MAexp20: | -0.35% | |
| Price / MAexp50: | -1.00% | |
| Price / MAexp100: | -0.82% |
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
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Watch wheat, corn, soy price volatility, rising Black Sea tensions
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AI – How to sort the ‘wheat from the chaff’
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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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