WHEAT - 1H - Technical analysis published on 10/28/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : INVALID
WHEAT Chart
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
22%
44%
33%
My opinion
Bearish under 565.60 USD
My targets
553.67 USD (-1.40%)
546.25 USD (-2.72%)
My analysis
WHEAT is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 565.60 USD. The next support located at 553.67 USD is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 546.25 USD. Below this support, sellers could then target 525.00 USD. With the current pattern, you will need to monitor for possible bearish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bearish trend. Trying to profit from the purchase of these possible corrections may seem risky.
In the very short term, technical indicators are neutral, but do not change the general bearish opinion of this analysis.
Force
0
10
6.8
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.
This analysis was given by Barts_XV.
Additional analysis
Quotes
The WHEAT rating is 561.50 USD. The price is lower by -1.32% since the last closing with the lowest point at 561.25 USD and the highest point at 571.50 USD. The deviation from the price is +0.04% for the low point and -1.75% for the high point.561.25
571.50
561.50
A bearish gap was detected at the opening by the Central Gaps scanner. There are a lot of sellers and they have the upper hand in the very short term.
Opening Gap DOWN
Type : Bearish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
New LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this 1H chart of WHEAT indicates that the overall trend is strongly bearish. 92.86% of the signals given by moving averages are bearish. This strongly bearish trend is supported by the strong bearish signals given by short-term moving averages. An assessment of moving averages reveals a bearish signal that could impact this trend:
Moving Average bearish crossovers : MA50 & MA100
Type : Bearish
Timeframe : 1 hour
The technical indicators are generally neutral. They do not provide relevant information on the direction of future price movements.
Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : 1 hour
MACD crosses DOWN its Moving Average
Type : Bearish
Timeframe : 1 hour
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects this inversion signal that could impact the current short-term trend:
Doji
Type : Neutral
Timeframe : 1 hour
ProTrendLines
S2
S1
R1
R2
R3
Price
| S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|
| ProTrendLines | 525.00 | 546.25 | 561.50 | 565.60 | 575.11 | 582.50 |
| Change (%) | -6.50% | -2.72% | - | +0.73% | +2.42% | +3.74% |
| Change | -36.50 | -15.25 | - | +4.10 | +13.61 | +21.00 |
| Level | Intermediate | Minor | - | Major | Major | 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 | 542.00 | 554.00 | 561.50 | 573.50 | 581.00 | 593.00 | 600.50 |
| Camarilla | 563.64 | 565.43 | 567.21 | 569.00 | 570.79 | 572.58 | 574.36 |
| Woodie | 539.75 | 552.88 | 559.25 | 572.38 | 578.75 | 591.88 | 598.25 |
| Fibonacci | 554.00 | 561.45 | 566.05 | 573.50 | 580.95 | 585.55 | 593.00 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 541.58 | 553.67 | 561.33 | 573.42 | 581.08 | 593.17 | 600.83 |
| Camarilla | 563.57 | 565.38 | 567.19 | 569.00 | 570.81 | 572.62 | 574.43 |
| Woodie | 539.38 | 552.56 | 559.13 | 572.31 | 578.88 | 592.06 | 598.63 |
| Fibonacci | 553.67 | 561.21 | 565.87 | 573.42 | 580.96 | 585.62 | 593.17 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 503.08 | 523.67 | 561.33 | 581.92 | 619.58 | 640.17 | 677.83 |
| Camarilla | 582.98 | 588.32 | 593.66 | 599.00 | 604.34 | 609.68 | 615.02 |
| Woodie | 511.63 | 527.94 | 569.88 | 586.19 | 628.13 | 644.44 | 686.38 |
| Fibonacci | 523.67 | 545.92 | 559.67 | 581.92 | 604.17 | 617.92 | 640.17 |
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): | 36.12 | |
| MACD (12,26,9): | -2.3000 | |
| Directional Movement: | -7.88 | |
| AROON (14): | -14.28 | |
| DEMA (21): | 563.54 | |
| Parabolic SAR (0,02-0,02-0,2): | 570.85 | |
| Elder Ray (13): | -2.61 | |
| Super Trend (3,10): | 571.49 | |
| Zig ZAG (10): | 562.25 | |
| VORTEX (21): | 0.9300 | |
| Stochastique (14,3,5): | 20.33 | |
| TEMA (21): | 563.30 | |
| Williams %R (14): | -92.68 | |
| Chande Momentum Oscillator (20): | -2.25 | |
| Repulse (5,40,3): | -0.8600 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.0600 | |
| Courbe Coppock: | 0.19 |
| MA7: | 573.14 | |
| MA20: | 587.44 | |
| MA50: | 574.26 | |
| MA100: | 578.63 | |
| MAexp7: | 563.94 | |
| MAexp20: | 566.84 | |
| MAexp50: | 570.60 | |
| MAexp100: | 573.96 | |
| Price / MA7: | -2.03% | |
| Price / MA20: | -4.42% | |
| Price / MA50: | -2.22% | |
| Price / MA100: | -2.96% | |
| Price / MAexp7: | -0.43% | |
| Price / MAexp20: | -0.94% | |
| Price / MAexp50: | -1.59% | |
| Price / MAexp100: | -2.17% |
Quotes :
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10 min delayed data
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CBOT Futures
News
The last news published on WHEAT at the time of the generation of this analysis was as follows:
-
Trading the trend: short Chicago wheat
-
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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