WHEAT - Daily - Technical analysis published on 06/23/2021 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Slightly bearish
Technical indicators
17%
44%
39%
My opinion
Bearish under 685.50 USD
My targets
633.00 USD (-3.95%)
601.75 USD (-8.69%)
My analysis
WHEAT is currently trying to strengthen its basic trend with a very bearish short term. As long as the price remains below 685.50 USD, traders may consider taking advantage of this bearish acceleration and setting themselves to trade only in short positions (for sale). Sellers will encounter the support at 633.00 USD. A bearish break in this support would confirm a continuation of the bearish acceleration. The next support located at 601.75 USD would then be the next bearish objective for sellers. Crossing it would then enable sellers to target 579.87 USD. Beware of a possible return to above the resistance located at 685.50 USD which would be a sign of a correction of the short-term bearish excesses registered.
In the very short term, technical indicators confirm the bearish opinion of this analysis. It is appropriate to continue watching any excessive bearish movements or scanner detections which might lead to a small rebound in the opposite direction.
Force
0
10
3.8
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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 659.00 USD. The price registered an increase of +0.61% on the session and was traded between 657.25 USD and 659.50 USD over the period. The price is currently at +0.27% from its lowest and -0.08% from its highest.657.25
659.50
659.00
A bullish opening was detected by the Central Gaps scanner. Buyers are trying to impose a bullish momentum in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in Daily of this WHEAT chart shows a slightly bearish trend. 60.71% of the signals given by moving averages are bearish. This slightly bearish trend could be reinforced by the strong bearish signals given by short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
In fact, according to the parameters integrated into the Central Analyzer system, only 8 technical indicators out of 18 analysed are currently bearish. The Central Indicators scanner found this result concerning these indicators:
Price is back over the pivot point
Type : Bullish
Timeframe : Daily
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects a bearish signal that could support the hypothesis of a small drop in the very short term:
Bearish engulfing lines
Type : Bearish
Timeframe : Daily
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
S3 | S2 | S1 | Price | R1 | R2 | R3 | |
---|---|---|---|---|---|---|---|
ProTrendLines | 579.87 | 601.75 | 633.00 | 659.00 | 685.50 | 718.00 | 739.00 |
Change (%) | -12.01% | -8.69% | -3.95% | - | +4.02% | +8.95% | +12.14% |
Change | -79.13 | -57.25 | -26.00 | - | +26.50 | +59.00 | +80.00 |
Level | Major | Minor | Intermediate | - | Major | Minor | Major |
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 | 626.58 | 640.67 | 648.33 | 662.42 | 670.08 | 684.17 | 691.83 |
Camarilla | 650.02 | 652.01 | 654.01 | 656.00 | 657.99 | 659.99 | 661.98 |
Woodie | 623.38 | 639.06 | 645.13 | 660.81 | 666.88 | 682.56 | 688.63 |
Fibonacci | 640.67 | 648.98 | 654.11 | 662.42 | 670.73 | 675.86 | 684.17 |
Weekly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 603.25 | 621.75 | 643.75 | 662.25 | 684.25 | 702.75 | 724.75 |
Camarilla | 654.61 | 658.33 | 662.04 | 665.75 | 669.46 | 673.18 | 676.89 |
Woodie | 605.00 | 622.63 | 645.50 | 663.13 | 686.00 | 703.63 | 726.50 |
Fibonacci | 621.75 | 637.22 | 646.78 | 662.25 | 677.72 | 687.28 | 702.75 |
Monthly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 504.83 | 572.17 | 632.83 | 700.17 | 760.83 | 828.17 | 888.83 |
Camarilla | 658.30 | 670.03 | 681.77 | 693.50 | 705.23 | 716.97 | 728.70 |
Woodie | 501.50 | 570.50 | 629.50 | 698.50 | 757.50 | 826.50 | 885.50 |
Fibonacci | 572.17 | 621.06 | 651.27 | 700.17 | 749.06 | 779.27 | 828.17 |
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): | 42.53 | |
MACD (12,26,9): | -7.8700 | |
Directional Movement: | -5.75 | |
AROON (14): | -57.14 | |
DEMA (21): | 663.09 | |
Parabolic SAR (0,02-0,02-0,2): | 700.25 | |
Elder Ray (13): | -0.28 | |
Super Trend (3,10): | 716.47 | |
Zig ZAG (10): | 658.75 | |
VORTEX (21): | 0.9900 | |
Stochastique (14,3,5): | 31.11 | |
TEMA (21): | 655.63 | |
Williams %R (14): | -75.29 | |
Chande Momentum Oscillator (20): | -31.75 | |
Repulse (5,40,3): | -2.8300 | |
ROCnROLL: | 2 | |
TRIX (15,9): | -0.1400 | |
Courbe Coppock: | 3.82 |
MA7: | 661.21 | |
MA20: | 671.50 | |
MA50: | 689.78 | |
MA100: | 665.82 | |
MAexp7: | 662.82 | |
MAexp20: | 672.46 | |
MAexp50: | 676.05 | |
MAexp100: | 664.16 | |
Price / MA7: | -0.33% | |
Price / MA20: | -1.86% | |
Price / MA50: | -4.46% | |
Price / MA100: | -1.02% | |
Price / MAexp7: | -0.58% | |
Price / MAexp20: | -2.00% | |
Price / MAexp50: | -2.52% | |
Price / MAexp100: | -0.78% |
Quotes :
-
10 min delayed data
-
CBOT Futures
News
The last news published on WHEAT at the time of the generation of this analysis 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.
About author
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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