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WHEAT
WHEAT
- USD (-)
- 10 min delayed data - CBOT Futures
Open: -
Change: -
Volume: -
Low: -
High: -
High / Low range: -
Type: Commodities
Ticker: WWY
ISIN:

WHEAT - Daily - Technical analysis published on 06/02/2021 (GMT)

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  • Timeframe : Daily
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Summary of the analysis

Trends
Short term: Neutral
Underlying: Bullish
Technical indicators
39%
33%
28%
My opinion
Bullish above 660.92 USD
My targets
718.00 USD (+4.63%)
739.00 USD (+7.69%)
My analysis
Has the basic bullish 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 bullish movement or a correction. Sellers' generally have the upper hand, even if a small correction (not tradeable) on the support located at 660.92 USD remains possible. It is advisable to trade WHEAT with the greatest caution, while favouring long positions (at the time of purchase) as long as the price remains well above 660.92 USD. The next bullish objective for buyers is set at 718.00 USD. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 739.00 USD. If there is any crossing, the next objective would be the resistance located at 761.75 USD. PS: if there is a bearish break in the support located at 660.92 USD we suggest that you produce a new automated technical analysis. In fact, conditions should have changed. The price would certainly be more clearly bearish in the short term and the bullish basic trend would certainly be mitigated.

Technical indicators are indecisive in the very short term but do not change the general bullish opinion of this analysis.
Force
0
10
2.7

Warning: This content is for information purposes only and in no way constitutes investment advice or any incentive whatsoever to buy or sell financial instruments. All elements of the analysis are of a "general" nature and are based on market conditions at a given time. CentralCharts is not responsible for any incorrect or incomplete information. Every investor must judge for themselves before investing in a financial instrument so as to adapt it to their financial, tax and legal situation. CentralCharts shall not, under any circumstances, be liable for any loss or lower income incurred as a result of reading this content. Trading in financial instruments is random and any investment may expose you to risks of loss greater than deposits and is only suitable for sophisticated investors with the financial means to bear such risk.

Clay707
This analysis was given by Clay707. Take part yourself by sharing additional analysis on another time unit:
15 min. 1H Weekly

Additional analysis

Quotes

The WHEAT price is 686.25 USD. The price registered a decrease of -1.05% on the session and was traded between 681.50 USD and 701.50 USD over the period. The price is currently at +0.70% from its lowest and -2.17% from its highest.

681.50
701.50
686.25

The Central Gaps scanner detects a bearish opening. A small advantage for sellers in the very short term.

Central Gaps

Bearish opening

Type : Bearish

Timeframe : Openning



A study of price movements over other periods shows the following variations:

Technical


Technical analysis of this Daily chart of WHEAT indicates that the overall trend is bullish. The signals given by moving averages are 71.43% bullish. This bullish trend could slow down given the neutral signals currently being given by short-term moving averages. An assessment of moving averages reveals several bullish signals that could impact this trend:

Central Indicators

Bullish trend reversal : adaptative moving average 50

Type : Bullish

Timeframe : Daily


Bullish price crossover with Moving Average 50

Type : Bullish

Timeframe : Daily


Bullish price crossover with adaptative moving average 50

Type : Bullish

Timeframe : Daily


Bullish price crossover with adaptative moving average 100

Type : Bullish

Timeframe : Daily



In fact, of the 18 technical indicators analysed by Central Analyzer, 7 are bullish, 5 are neutral and 6 are bearish. Central Indicators, the detector scanner for these technical indicators has recently detected several signals:

Central Indicators

Pivot points : price is over resistance 1

Type : Neutral

Timeframe : Weekly


RSI indicator is back over 50

Type : Bullish

Timeframe : Daily


Price is back over the pivot point

Type : Bullish

Timeframe : Daily



No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.

The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.


ProTrendLines
S3
S2
S1
R1
R2
R3
Price


S3S2S1PriceR1R2R3
ProTrendLines 601.75 632.90 685.50 686.25 718.00 739.00 761.75
Change (%) -12.31% -7.77% -0.11% - +4.63% +7.69% +11.00%
Change -84.50 -53.35 -0.75 - +31.75 +52.75 +75.50
Level Minor Intermediate Major - Intermediate Intermediate Major



Attention could also be paid to pivot points to set price objectives:

Daily
Pivot points S3 S2 S1 PP R1 R2 R3
Standard658.00669.75678.00689.75698.00709.75718.00
Camarilla680.75682.58684.42686.25688.08689.92691.75
Woodie656.25668.88676.25688.88696.25708.88716.25
Fibonacci669.75677.39682.11689.75697.39702.11709.75


Weekly
Pivot points S3 S2 S1 PP R1 R2 R3
Standard601.83620.67642.08660.92682.33701.17722.58
Camarilla652.43656.12659.81663.50667.19670.88674.57
Woodie603.13621.31643.38661.56683.63701.81723.88
Fibonacci620.67636.04645.54660.92676.29685.79701.17


Monthly
Pivot points S3 S2 S1 PP R1 R2 R3
Standard504.83572.17632.83700.17760.83828.17888.83
Camarilla658.30670.03681.77693.50705.23716.97728.70
Woodie501.50570.50629.50698.50757.50826.50885.50
Fibonacci572.17621.06651.27700.17749.06779.27828.17

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): 49.77
MACD (12,26,9): -5.3500
Directional Movement: 5.08
AROON (14): -71.43
DEMA (21): 682.56
Parabolic SAR (0,02-0,02-0,2): 702.00
Elder Ray (13): 8.93
Super Trend (3,10): 716.47
Zig ZAG (10): 686.25
VORTEX (21): 0.9100
Stochastique (14,3,5): 39.66
TEMA (21): 669.18
Williams %R (14): -50.66
Chande Momentum Oscillator (20): -21.00
Repulse (5,40,3): 0.4200
ROCnROLL: 1
TRIX (15,9): -0.0300
Courbe Coppock: 15.56
MA7: 669.54
MA20: 699.17
MA50: 675.23
MA100: 663.75
MAexp7: 678.19
MAexp20: 686.50
MAexp50: 680.44
MAexp100: 662.17
Price / MA7: +2.50%
Price / MA20: -1.85%
Price / MA50: +1.63%
Price / MA100: +3.39%
Price / MAexp7: +1.19%
Price / MAexp20: -0.04%
Price / MAexp50: +0.85%
Price / MAexp100: +3.64%

Quotes : - 10 min delayed data - CBOT Futures

News


The latest news and videos published on WHEAT at the time of the analysis were as follows:

This member declared not having a position on this financial instrument or a related financial instrument.

About author

Londinia
Londinia AI

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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…

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