Update : I don't know what was wrong, but the chart was not right. Two days latter, the chart looks like this
It doesn't look that bullish anymore, but it isn't bearish either.
Last Monday, wheat broke the 550 support, and that's when I became extremely bullish. Today, I believe a new uptrend has started, and the next days are going to confirm or infirm this. A close above 550 would confirm a false downside breakout, and combined with bullish divergences and with a weekly chart that looks pretty good, a sort of a Double bottom with a divergence (weekly here : www.tradingview.com/x/1hSLHGs8), Wheat has all the chances to rally back to 700. Till 700, there is the resistance level at 620, which is pretty strong. The volume is not yet published here on tradingview, but a strong volume for today would add to the bullishness of this chart.
Check out my previous charts on wheat. I am not going to take this trade, my portofolio size does not allow me to trade many of the commodities offered. If anyone knows of stock, that is closely related to wheat, please leave a comment.
Last Monday, wheat broke the 550 support, and that's when I became extremely bullish. Today, I believe a new uptrend has started, and the next days are going to confirm or infirm this. A close above 550 would confirm a false downside breakout, and combined with bullish divergences and with a weekly chart that looks pretty good, a sort of a Double bottom with a divergence (weekly here : www.tradingview.com/x/1hSLHGs8), Wheat has all the chances to rally back to 700. Till 700, there is the resistance level at 620, which is pretty strong. The volume is not yet published here on tradingview, but a strong volume for today would add to the bullishness of this chart.
Check out my previous charts on wheat. I am not going to take this trade, my portofolio size does not allow me to trade many of the commodities offered. If anyone knows of stock, that is closely related to wheat, please leave a comment.
