WHEAT - 1H - Technical analysis published on 11/29/2021 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
17%
50%
33%
My opinion
Bearish under 859.42 USD
My targets
829.67 USD (-1.64%)
810.00 USD (-3.97%)
My analysis
All elements being clearly bearish, it would be possible for traders to trade only short positions (for sale) on WHEAT as long as the price remains well below 859.42 USD. The sellers' bearish objective is set at 829.67 USD. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 810.00 USD. In case of crossing, the next objective would be the support located at 797.25 USD. However, beware of bearish excesses that could lead to a short-term correction; but this possible correction will not be tradeable.
In the very short term, the general bearish sentiment is confirmed by technical indicators. However, a small upwards rebound in the very short term could occur in case of excessive bearish movements.
Force
0
10
6.1
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This analysis was given by Vincent Launay. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The WHEAT price is 843.50 USD. On the day, this instrument gained +0.39% and was between 842.50 USD and 855.25 USD. This implies that the price is at +0.12% from its lowest and at -1.37% from its highest.842.50
855.25
843.50
The Central Gaps scanner detects the formation of a bullish gap marking the strong presence of buyers against sellers at the opening. This formed a quotation gap.
Opening Gap UP
Type : Bullish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new HIGH record (1 year)
Type : Bullish
Timeframe : Weekly
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 this 1H chart of WHEAT indicates that the overall trend is strongly bearish. The signals given by moving averages are 82.14% bearish. This strong bearish trend is confirmed by the strong signals currently being given by short-term moving averages. An assessment of moving averages reveals a bearish signal that could impact this trend:
Bearish price crossover with Moving Average 20
Type : Bearish
Timeframe : 1 hour
The probability of a further decline is low given the direction of the technical indicators.
No additional result has been identified by Central Indicators, the scanner specialised in technical indicators.
The analysis of the price chart with Central Patterns scanners does not return any result.
No result was found by the Central Candlesticks scanner on Japanese candlesticks.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 797.25 | 810.00 | 829.67 | 843.50 | 844.00 | 859.42 | 874.75 |
| Change (%) | -5.48% | -3.97% | -1.64% | - | +0.06% | +1.89% | +3.70% |
| Change | -46.25 | -33.50 | -13.83 | - | +0.50 | +15.92 | +31.25 |
| Level | Intermediate | Intermediate | Major | - | Minor | Intermediate | Minor |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 826.17 | 834.33 | 838.92 | 847.08 | 851.67 | 859.83 | 864.42 |
| Camarilla | 839.99 | 841.16 | 842.33 | 843.50 | 844.67 | 845.84 | 847.01 |
| Woodie | 824.38 | 833.44 | 837.13 | 846.19 | 849.88 | 858.94 | 862.63 |
| Fibonacci | 834.33 | 839.20 | 842.21 | 847.08 | 851.95 | 854.96 | 859.83 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 826.17 | 834.33 | 838.92 | 847.08 | 851.67 | 859.83 | 864.42 |
| Camarilla | 839.99 | 841.16 | 842.33 | 843.50 | 844.67 | 845.84 | 847.01 |
| Woodie | 824.38 | 833.44 | 837.13 | 846.19 | 849.88 | 858.94 | 862.63 |
| Fibonacci | 834.33 | 839.20 | 842.21 | 847.08 | 851.95 | 854.96 | 859.83 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 652.08 | 682.42 | 739.83 | 770.17 | 827.58 | 857.92 | 915.33 |
| Camarilla | 773.12 | 781.16 | 789.21 | 797.25 | 805.29 | 813.34 | 821.38 |
| Woodie | 665.63 | 689.19 | 753.38 | 776.94 | 841.13 | 864.69 | 928.88 |
| Fibonacci | 682.42 | 715.94 | 736.65 | 770.17 | 803.69 | 824.40 | 857.92 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 37.62 | |
| MACD (12,26,9): | -2.7100 | |
| Directional Movement: | -14.39 | |
| AROON (14): | 14.29 | |
| DEMA (21): | 845.46 | |
| Parabolic SAR (0,02-0,02-0,2): | 830.14 | |
| Elder Ray (13): | -3.14 | |
| Super Trend (3,10): | 855.05 | |
| Zig ZAG (10): | 843.50 | |
| VORTEX (21): | 0.9900 | |
| Stochastique (14,3,5): | 44.98 | |
| TEMA (21): | 844.37 | |
| Williams %R (14): | -85.45 | |
| Chande Momentum Oscillator (20): | -7.25 | |
| Repulse (5,40,3): | -0.6200 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.0500 | |
| Courbe Coppock: | 0.57 |
| MA7: | 846.29 | |
| MA20: | 814.12 | |
| MA50: | 766.84 | |
| MA100: | 738.04 | |
| MAexp7: | 846.67 | |
| MAexp20: | 849.18 | |
| MAexp50: | 851.87 | |
| MAexp100: | 847.88 | |
| Price / MA7: | -0.33% | |
| Price / MA20: | +3.61% | |
| Price / MA50: | +10.00% | |
| Price / MA100: | +14.29% | |
| Price / MAexp7: | -0.37% | |
| Price / MAexp20: | -0.67% | |
| Price / MAexp50: | -0.98% | |
| Price / MAexp100: | -0.52% |
Quotes :
-
10 min delayed data
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CBOT Futures
News
The last news published on WHEAT at the time of the generation of this analysis was as follows:
-
Syrian families struggle to get bread during wheat crisis
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New strain of Monsanto GM wheat escapes lab, grows in wild
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Trading Wheat. Commodity Brief
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Gene-Edited Gluten Makes Wheat For Celiac Disease Sufferers
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What’s next for wheat after surge — #SaxoStrats
This member declared not having a position on this financial instrument or a related financial instrument.
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