WHEAT - Daily - Technical analysis published on 08/30/2022 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bearish
Technical indicators
61%
6%
33%
My opinion
Bearish under 849.00 USD
My targets
796.42 USD (-4.85%)
784.85 USD (-6.23%)
My analysis
We are currently in a phase of short-term indecision. In a case like this, you could favour trades in the direction of the basic trend on WHEAT. As long as you are under the resistance located at 849.00 USD, traders with an aggressive trading strategy could consider a sale. A cross of the support located at 796.42 USD would be a signal of a reversal in the basic trend and the short-term trend could then quickly become bearish. Sellers would then use the next support located at 784.85 USD as an objective. Crossing it would then enable sellers to target 681.75 USD. If the resistance 849.00 USD were to be broken, this would simply be a sign of possible further short-term consolidation and trading against this trend would then perhaps be more risky.
In the very short term, the general bearish opinion of this analysis is in opposition with technical indicators. As long as the invalidation level of this analysis is not breached, the bearish direction is still favored, however the current short term correction should be carefully watched.
Force
0
10
0.7
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This analysis was given by Clay707. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The WHEAT rating is 837.00 USD. The price is lower by -0.68% since the last closing and was traded between 832.00 USD and 846.25 USD over the period. The price is currently at +0.60% from its lowest and -1.09% from its highest.832.00
846.25
837.00
A bearish opening was detected by the Central Gaps scanner. Sellers are trying to impose a bearish trend in the very short term.
Bearish opening
Type : Bearish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of WHEAT in Daily shows an overall bearish trend. 71.43% of the signals given by moving averages are bearish. Caution: as the signals currently given by short-term moving averages are rather neutral, the bearish trend could slow down. An assessment of moving averages reveals several bearish and bullish signals:
Bullish trend reversal : Moving Average 20
Type : Bullish
Timeframe : Daily
Bearish price crossover with Moving Average 50
Type : Bearish
Timeframe : Daily
In fact, 11 technical indicators on 18 studied are currently positioned bullish. Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : Daily
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Daily
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : Weekly
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
The presence of these bearish patterns in Japanese candlesticks detected by Central Candlesticks that could cause a correction in the very short term were also noted
Bearish harami
Type : Bearish
Timeframe : Daily
Bearish harami cross
Type : Bearish
Timeframe : Daily
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 681.75 | 784.85 | 836.50 | 837.00 | 911.75 | 1,048.17 | 1,159.00 |
| Change (%) | -18.55% | -6.23% | -0.06% | - | +8.93% | +25.23% | +38.47% |
| Change | -155.25 | -52.15 | -0.50 | - | +74.75 | +211.17 | +322.00 |
| Level | Intermediate | Intermediate | Major | - | Minor | Major | Minor |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 753.58 | 773.92 | 808.33 | 828.67 | 863.08 | 883.42 | 917.83 |
| Camarilla | 827.69 | 832.71 | 837.73 | 842.75 | 847.77 | 852.79 | 857.81 |
| Woodie | 760.63 | 777.44 | 815.38 | 832.19 | 870.13 | 886.94 | 924.88 |
| Fibonacci | 773.92 | 794.83 | 807.75 | 828.67 | 849.58 | 862.50 | 883.42 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 712.33 | 737.42 | 771.33 | 796.42 | 830.33 | 855.42 | 889.33 |
| Camarilla | 789.03 | 794.43 | 799.84 | 805.25 | 810.66 | 816.07 | 821.48 |
| Woodie | 716.75 | 739.63 | 775.75 | 798.63 | 834.75 | 857.63 | 893.75 |
| Fibonacci | 737.42 | 759.96 | 773.88 | 796.42 | 818.96 | 832.88 | 855.42 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 554.00 | 662.75 | 740.25 | 849.00 | 926.50 | 1,035.25 | 1,112.75 |
| Camarilla | 766.53 | 783.60 | 800.68 | 817.75 | 834.82 | 851.90 | 868.97 |
| Woodie | 538.38 | 654.94 | 724.63 | 841.19 | 910.88 | 1,027.44 | 1,097.13 |
| Fibonacci | 662.75 | 733.90 | 777.85 | 849.00 | 920.15 | 964.10 | 1,035.25 |
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): | 53.79 | |
| MACD (12,26,9): | -7.5000 | |
| Directional Movement: | 3.52 | |
| AROON (14): | 50.00 | |
| DEMA (21): | 794.09 | |
| Parabolic SAR (0,02-0,02-0,2): | 745.37 | |
| Elder Ray (13): | 30.50 | |
| Super Trend (3,10): | 860.38 | |
| Zig ZAG (10): | 835.00 | |
| VORTEX (21): | 1.0400 | |
| Stochastique (14,3,5): | 82.12 | |
| TEMA (21): | 817.59 | |
| Williams %R (14): | -13.00 | |
| Chande Momentum Oscillator (20): | 11.75 | |
| Repulse (5,40,3): | 3.8800 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.2800 | |
| Courbe Coppock: | 0.73 |
| MA7: | 810.64 | |
| MA20: | 801.90 | |
| MA50: | 838.09 | |
| MA100: | 986.48 | |
| MAexp7: | 815.08 | |
| MAexp20: | 810.36 | |
| MAexp50: | 858.50 | |
| MAexp100: | 915.05 | |
| Price / MA7: | +3.25% | |
| Price / MA20: | +4.38% | |
| Price / MA50: | -0.13% | |
| Price / MA100: | -15.15% | |
| Price / MAexp7: | +2.69% | |
| Price / MAexp20: | +3.29% | |
| Price / MAexp50: | -2.50% | |
| Price / MAexp100: | -8.53% |
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:
-
Imran Khan: Pakistan's future is tied up with Russia in terms of gas, oil and specifically wheat
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Heat waves push India to ban export of wheat | DW News
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Russia is targeting wheat stocks in Ukraine, worsening global food crisis, EU says
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Russia is targeting wheat stocks in Ukraine, worsening global food crisis, EU says
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MOS, Wheat, and BVSP: Will Commodities Continue Growth? | tastytrade clips
This member declared not having a position on this financial instrument or a related financial instrument.
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