WHEAT - 15 min. - Technical analysis published on 05/20/2024 (GMT)
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- Timeframe : 15 min.
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bearish
Technical indicators
33%
28%
39%
My opinion
Bearish under 659.33 USD
My targets
642.17 USD (-2.52%)
633.08 USD (-3.90%)
My analysis
Has the basic bearish trend slowed or is it lacking in power? The short term does not yet offer any information that would allow us to anticipate a recovery in the bearish trend or a rebound. Sellers' generally have the upper hand, even if a small correction (not tradeable) on the resistance located at 659.33 USD remains possible. It is advisable to trade WHEAT with the greatest caution, while favouring short positions (for sale) as long as the price remains well below 659.33 USD. The next bearish objective for sellers is set at 642.17 USD. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 633.08 USD. In case of crossing, the next objective would be the support located at 615.92 USD. PS: if there is a bullish break in the resistance located at 659.33 USD we suggest that you produce a new automated technical analysis. In fact, conditions should have changed. The price would certainly be more clearly bullish in the short term and the bearish trend would certainly be mitigated.
Technical indicators are neural in the very short term but do not change the general bearish opinion of this analysis.
Force
0
10
2.3
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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
WHEAT rating 658.75 USD. The price registered an increase of +1.15% on the session 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 15 min. 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. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
In fact, Central Analyzer took into account 18 technical indicators and the result was as follows: 6 are bullish, 7 are neutral and 5 are bearish. The Central Indicators scanner found this result concerning these indicators:
Price is back over the pivot point
Type : Bullish
Timeframe : 15 minutes
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
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 | 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 |
Attention could also be paid to pivot points to set price objectives:
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): | 50.50 | |
| MACD (12,26,9): | 0.2200 | |
| Directional Movement: | 2.44 | |
| AROON (14): | 28.57 | |
| DEMA (21): | 658.52 | |
| Parabolic SAR (0,02-0,02-0,2): | 656.40 | |
| Elder Ray (13): | 0.23 | |
| Super Trend (3,10): | 655.10 | |
| Zig ZAG (10): | 658.75 | |
| VORTEX (21): | 1.0800 | |
| Stochastique (14,3,5): | 39.13 | |
| TEMA (21): | 660.10 | |
| Williams %R (14): | -60.87 | |
| Chande Momentum Oscillator (20): | 0.25 | |
| Repulse (5,40,3): | -0.1200 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | 0.0000 | |
| Courbe Coppock: | 0.92 |
| MA7: | 666.04 | |
| MA20: | 636.06 | |
| MA50: | 593.70 | |
| MA100: | 597.75 | |
| MAexp7: | 659.08 | |
| MAexp20: | 658.52 | |
| MAexp50: | 660.10 | |
| MAexp100: | 663.04 | |
| Price / MA7: | -1.09% | |
| Price / MA20: | +3.57% | |
| Price / MA50: | +10.96% | |
| Price / MA100: | +10.20% | |
| Price / MAexp7: | -0.05% | |
| Price / MAexp20: | +0.03% | |
| Price / MAexp50: | -0.20% | |
| Price / MAexp100: | -0.65% |
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:
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Trading the trend: short Chicago wheat
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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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