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WHEAT Technical Analysis - WHEAT Trading: 2021-06-28
Wheat Technical Analysis Summary
Below 635
Sell Stop
Above 705
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
| Bollinger Bands | Sell |
Wheat Chart Analysis
Wheat Technical Analysis
On the daily timeframe, Wheat: D1 broke down the 200-day moving average line and approached the long-term uptrend support line. It should also be broken down before opening a position. A number of technical analysis indicators have generated signals for further decline. We do not rule out a bearish movement if Wheat: D1 falls below the lower Bollinger band: 635. This level can be used as an entry point. The initial risk limitation is possible above the last 2 upper fractals, the upper Bollinger line and the Parabolic signal: 705. After opening a pending order, move the stop following the Bollinger and Parabolic signals to the next fractal maximum. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a deal, can go to the four-hour chart and set a stop-loss, moving it in the direction of movement. If the price overcomes the stop level (705) without activating the order (635), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Commodities - Wheat
Rainy weather in the United States could boost grain yields. Will the Wheat quotes continue to decline?
The United States Department of Agriculture (USDA) predicts a 4% increase in the 2021/22 wheat crop in the United States from the 2020/21 season to 51.7 million tones. In addition to improving the weather, this can be facilitated by confirming the area under crops in the current season. While their increase is estimated at 5%, and the updated data will be released on June 30. According to the USDA, the world wheat production in the 2021/22 season will amount to 794.4 million tons, which is 2.4% higher than the 2020/2021 season
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