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WHEAT Technical Analysis - WHEAT Trading: 2023-01-31
Wheat Technical Analysis Summary
Above 770
Buy Stop
Below 700
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Sell |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Wheat Chart Analysis
Wheat Technical Analysis
On the daily timeframe, WHEAT: D1 went up from the triangle. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if WHEAT: D1 rises above its most recent high of 770. This level can be used as an entry point. The initial risk limit is possible below the Parabolic signal, the last lower fractal and the lower Bollinger line: 700. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (700) without activating the order (770), 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
Grain production may decrease this year. Will WHEAT quotes increase?
In 2023, several countries at once do not exclude a possible decrease in the wheat harvest due to weather conditions: India, Argentina, Russia and Ukraine. At the same time, the gross wheat harvest in Russia may decrease to 82.5 million tons from 105.7 million tons in 2022. Note that according to the weekly data of the Commodity Futures Trading Commission (CFTC), the volume of net short position on wheat reached its maximum since May 2019 (almost 74 000 contracts). Their closing may technically support quotes. Recall that USDA so far expects global wheat production in the 2022/2023 agricultural season to be 781.3 million tons. This is only 0.2% more than in the 2021/2022 season.
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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.
