WHEAT Technical Analysis | WHEAT Trading: 2015-03-27 | IFCM UK
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WHEAT Technical Analysis - WHEAT Trading: 2015-03-27

Bearish turn

Let us consider the continious WHEAT futures on the H4 graph. The price breached the bullish channel lower boundary and the “Head and Shoulders” pattern bottom. Meanwhile, RSI-Bars shaped a sustainable bearish trend.

SOYB

That means that consolidation gave way to a volatile momentum, which may be strong enough to break through another support line at 500.2. It is typical that the latest ParabolicSar signal is located at the breached trend line. Allowing for this, we may assume that the market sees a new consolidated trend. A sell pending order may be placed at the support line, which is confirmed both by Donchian Channel lower boundary and Bill Williams fractal. As soon as this level is breached we will be looking forward to a new volatility boost. At the same time we are supposed to pay attention to oscillator signals: they should confirm the breakthrough by crossing 26%. If doesn't happen, it is recommended to move the Stop loss to the break-even point, because a false breakout is very likely.
After pending order placing, Stop loss is to be moved every four hours, following Parabolic signals. Thus, we are changing the probable profit/loss ratio for our benefit.

PositionSell
Sell stop below 500.2
Stop lossabove 526.8

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Note:
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.

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