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WHEAT Technical Analysis - WHEAT Trading: 2021-04-15
Wheat Technical Analysis Summary
Above 656.5
Buy Stop
Below 636.1
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
Wheat Chart Analysis
Wheat Technical Analysis
The #C-Wheat technical analysis of the price chart on daily timeframe shows #C-Wheat, Daily is retracing toward 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 656.5. A pending order to buy can be placed above that level. The stop loss can be placed below 636.1. 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
Dry weather and high Chinese imports support wheat price. Will the wheat price continue rebounding?
Dry conditions in Europe and the US negatively impact wheat supply expectations. Thus, moisture deficit is an issue for US spring wheat areas in the north of the country, according to French consultancy Agritel. And experts are predicting a dry spell in the coming weeks in the European continent. At the same time, China's imports of grains like corn and wheat as well as soybeans soared in the first quarter boosted by strong demand from the livestock sector, according to data from customs released on Tuesday. Strong demand from China is supporting feed grain prices, including wheat.
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