fbWheat Technical Analysis | Wheat Trading: 2021-08-05 | IFCM Hong Kong

Wheat Technical Analysis - Wheat Trading: 2021-08-05

Wheat Technical Analysis Summary

Accelerometer arrow
Strong SellSellNeutralBuyStrong Buy

Above 743.6

Buy Stop

Below 668.6

Stop Loss

Ara Zohrabian
Senior Analytical Expert
Articles 1877
RSI Neutral
Donchian Channel Neutral
MA(200) Buy
Fractals Buy
Parabolic SAR Buy

Wheat Chart Analysis

Wheat Chart Analysis

Wheat Technical Analysis

The #C-Wheat technical analysis of the price chart on daily timeframe shows #C-Wheat, Daily is retracing higher above the 200-day moving average MA(200) which is rising still. We believe the bullish momentum will continue as the price breaches above the upper Donchian boundary at 743.6. A pending order to buy can be placed above that level. The stop loss can be placed below 668.6. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis of Commodities - Wheat

The downgrade of US and Canadian spring wheat crop estimates supports wheat price. Will the wheat price continue rebounding?

Spring wheat ratings in Canada and the US keep dropping and so do yield prospects. The US Department of Agriculture estimates hard red spring domestic production at 305 million bushels (8.3 Million tons), a 42% decrease from last year. For durum wheat, demand rationing will be necessary as the potential sizes of the Canadian and US crops get smaller and smaller. At the same time several private estimates of the Russian wheat crop have been cut sharply to a 76-78 million tons range since late last week. Expectations of lower global wheat supply are bullish for wheat price.

Trading signals with a probability of 80% by Autochartist

  • Easy to use
  • Fully automatic
  • Wide range of analytics

The best trading conditions and high-level services for our clients

We are ready to assist you on any issue 24 hours a day.

This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.