WHEAT - Daily - Technical analysis published on 12/10/2020 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Court terme:
Strongly bearish
De fond:
Slightly bullish
Technical indicators
28%
39%
33%
My opinion
Bearish under 592.50 USD
My targets
579.87 USD (-0.88%)
546.75 USD (-6.54%)
My analysis
The strong short-term decline in WHEAT calls into question the currently slightly bullish basic trend. A trend reversal is likely. As long as the price remains below the resistance located at 592.50 USD, one could consider taking advantage of the short-term movement. The first bearish objective is located at 579.87 USD. The bearish momentum would be revived by a break in this support. Sellers would then use the next support located at 546.75 USD as an objective. Crossing it would then enable sellers to target 523.03 USD. Be careful, a return to above 592.50 USD could jeopardize the reversal.
Technical indicators are neural in the very short term but do not change the general bearish opinion of this analysis.
Force
0
10
1.1
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This analysis was given by Clay707. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
WHEAT rating 585.00 USD. The price has increased by +0.30% since the last closing with the lowest point at 584.50 USD and the highest point at 588.00 USD. The deviation from the price is +0.09% for the low point and -0.51% for the high point.584.50
588.00
585.00
The Central Gaps scanner detects a bullish gap which is a sign that buyers have taken the lead in the very short term.
Opening Gap UP
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:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this Daily chart of WHEAT indicates that the overall trend is slightly bullish. 53.57% of the signals given by moving averages are bullish. Caution: the strong bearish signals currently given by short-term moving averages indicate that a trend reversal may be taking place. The Central Indicators scanner detects a bullish signal on moving averages that could impact this trend:
Bullish price crossover with adaptative moving average 100
Type : Bullish
Timeframe : Daily
In fact, of the 18 technical indicators analysed by Central Analyzer, 5 are bullish, 6 are neutral and 7 are bearish. Caution: the Central Indicators scanner currently detects an excess:
MACD indicator: bullish divergence
Type : Bullish
Timeframe : Daily
RSI indicator: bullish divergence
Type : Bullish
Timeframe : Daily
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Daily
Price is back over the pivot point
Type : Bullish
Timeframe : Daily
Price is back under the pivot point
Type : Bearish
Timeframe : Weekly
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 523.03 | 546.75 | 579.87 | 585.00 | 617.50 | 632.75 | 739.00 |
| Change (%) | -10.59% | -6.54% | -0.88% | - | +5.56% | +8.16% | +26.32% |
| Change | -61.97 | -38.25 | -5.13 | - | +32.50 | +47.75 | +154.00 |
| Level | Intermediate | Major | Major | - | Major | Intermediate | Minor |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 554.75 | 561.00 | 572.50 | 578.75 | 590.25 | 596.50 | 608.00 |
| Camarilla | 579.12 | 580.75 | 582.37 | 584.00 | 585.63 | 587.25 | 588.88 |
| Woodie | 557.38 | 562.31 | 575.13 | 580.06 | 592.88 | 597.81 | 610.63 |
| Fibonacci | 561.00 | 567.78 | 571.97 | 578.75 | 585.53 | 589.72 | 596.50 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 528.00 | 551.00 | 563.25 | 586.25 | 598.50 | 621.50 | 633.75 |
| Camarilla | 565.81 | 569.04 | 572.27 | 575.50 | 578.73 | 581.96 | 585.19 |
| Woodie | 522.63 | 548.31 | 557.88 | 583.56 | 593.13 | 618.81 | 628.38 |
| Fibonacci | 551.00 | 564.47 | 572.79 | 586.25 | 599.72 | 608.04 | 621.50 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 506.50 | 540.25 | 558.75 | 592.50 | 611.00 | 644.75 | 663.25 |
| Camarilla | 562.88 | 567.67 | 572.46 | 577.25 | 582.04 | 586.83 | 591.62 |
| Woodie | 498.88 | 536.44 | 551.13 | 588.69 | 603.38 | 640.94 | 655.63 |
| Fibonacci | 540.25 | 560.21 | 572.54 | 592.50 | 612.46 | 624.79 | 644.75 |
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): | 46.64 | |
| MACD (12,26,9): | -5.6000 | |
| Directional Movement: | -1.21 | |
| AROON (14): | -50.00 | |
| DEMA (21): | 583.54 | |
| Parabolic SAR (0,02-0,02-0,2): | 606.41 | |
| Elder Ray (13): | -0.02 | |
| Super Trend (3,10): | 615.93 | |
| Zig ZAG (10): | 585.00 | |
| VORTEX (21): | 0.9400 | |
| Stochastique (14,3,5): | 24.75 | |
| TEMA (21): | 576.15 | |
| Williams %R (14): | -65.94 | |
| Chande Momentum Oscillator (20): | -19.50 | |
| Repulse (5,40,3): | 0.9100 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.1000 | |
| Courbe Coppock: | 6.88 |
| MA7: | 580.71 | |
| MA20: | 591.94 | |
| MA50: | 600.24 | |
| MA100: | 567.40 | |
| MAexp7: | 582.45 | |
| MAexp20: | 589.66 | |
| MAexp50: | 588.51 | |
| MAexp100: | 573.90 | |
| Price / MA7: | +0.74% | |
| Price / MA20: | -1.17% | |
| Price / MA50: | -2.54% | |
| Price / MA100: | +3.10% | |
| Price / MAexp7: | +0.44% | |
| Price / MAexp20: | -0.79% | |
| Price / MAexp50: | -0.60% | |
| Price / MAexp100: | +1.93% |
Quotes :
2020-12-10 04:03:21
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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:
-
New strain of Monsanto GM wheat escapes lab, grows in wild
-
Trading Wheat. Commodity Brief
-
Gene-Edited Gluten Makes Wheat For Celiac Disease Sufferers
-
What’s next for wheat after surge — #SaxoStrats
-
Are Wheat Prices Sustainable?
This member declared not having a position on this financial instrument or a related financial instrument.
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