New pivots have arrived and we are projecting a Bearish Bat for wheat. RSI is still high and see one more push up to R2 at 469'2. Depending on how the weather continues and if wheat is sold in large quantities, selling may not be as big as expected.
Note
Wheat trending back up towards R2 at 469'2. We might see an eclipse of R2 and a move to R3. Wheat also maybe creating an Elliot Wave.Note
Wheat nearing R2 first position for Bat. This may be a run up to R3 or at least 475. Be on your tows. RSI still has running room.Note
Wheat falling from close Bat. Didn't make entirely R2. May break 20 day MA tonight and over tomorrow. Target pivot at 441'2Note
Wheat under 20 day moving average. Pivot still targetNote
We may have a bear flag on Wheat. Will know tonight possible directionTrade closed: target reached
Bear bat made. Moving on to new pattern
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.