XW1! trade ideas
Short Wheat 50 Percent Retracement HitShort Wheat 50 Percent Retracement Hit and channeling down to bottom range of 540 then 500 price point.
Shorts on Soybean and Wheat FuturesWyckoff Analysis:
1) Both soybean and wheat futures rallied alongside the market for the past week or so. Now, they've both failed to make new highs and distributed for a few days. I like continuation of the longer-term trend.
Week 13/Su - ZW1! - WeekendMost bullish commercials have been in 20 years, im loading up my entire boat with wheat futures
Wheat / Trendline RetestIt"s not just grocery shoppers who are hoarding pantry staples.
Some governments are moving to secure domestic food supplies during the
corona virus pandemic . (Bloomberg)
Disclaimer:
We are not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature,
and are therefore are unqualified to give investment recommendations.
Always do your own research and consult with a licensed investment professional before investing.
This communication is never to be used as the basis of making investment decisions, and it is for entertainment purposes only.
People Need move Food During the Corona VirusDuring the coronavirus, the Demand for certain commodities like Wheat will Increase drastically.
Curfews, lockdowns, Marial Law = People stay home and eat more = rush on Supermarkets for breads, flour etc.
Price gonna head way up!
Wheat Long term Target 311Wheat also indicating, that #Deflation not over yet! Major decline to come before SECULAR BOTTOM is in
WHEATLike other commodities Wheat dropped down more than 15% becasue of coronavirus effect. By statistics the March-May is a bullish period for Wheat futures. Meantime humankind demand for wheat definitely will not drop, as we need to eat even when it is phandemic. On the other hand the supply issues due to coronavirus can boost the price as well. The price range between 480-490$ per bushel can be good zone for long trades
Don't weed this out from your portfolioyes, many commodities were not spared during the recent virus attack but this wheat has been climbing up nicely along the bullish trend line.
There is more room up there once it breaks the resistance at 5932.
ZW1 in a strong uptrendThe setup that I am using here is considered to be going against the trend. I'm looking for a small retracement to capture a 1:1 target ratio and make small gains. Normally, I would not attempt this trade, as it goes against my trading plan, but I have a strong conviction that buyers are exhausted and that sellers will come in at the zone drawn on the chart.
