Wheat - It looked like... but faded again
It looked like a start of a sustainable bullish move, but what we have seen during last three weeks was a bit tricky. Initially it looked like a pull back, but the sellers got more control.
Weekly:
- Ichimoku setup is back to bearish biased, but it will be hard to go full bearish again, unless price moves below 480 and Chikou goes out into open space again.
- Heikin Ashi was extreme bullish, so with haDelta extreme peak when Price reached Kumo top a consolidation/pull back was inevitable. Actually it was consolidating for two weeks, but without new bullish power sellers got control again. Heikin Ashi setup is bearish now, but haDelta is now reaching extreme oversold area! Maybe we will see bearish consolidation and/or bullish pull back next?
Daily:
- Blow up, collapse down. Same pace. Spot Ichimoku is bearish/neutral, but looking forward Price faces some more bearish headwind ahead.
- Price is reaching possible support/resistance, where sellers should take a break.
- Heikin Ashi may signal today a start of bearish consolidation. Watch positive divergence in haDelta!
- As Wheat has become very volatile, it is not impossible that we see a quick move upto 535-540 area from support.
Hard to find a proper strategy here. Maybe worths some bottom fishing in small.
Weekly:
- Ichimoku setup is back to bearish biased, but it will be hard to go full bearish again, unless price moves below 480 and Chikou goes out into open space again.
- Heikin Ashi was extreme bullish, so with haDelta extreme peak when Price reached Kumo top a consolidation/pull back was inevitable. Actually it was consolidating for two weeks, but without new bullish power sellers got control again. Heikin Ashi setup is bearish now, but haDelta is now reaching extreme oversold area! Maybe we will see bearish consolidation and/or bullish pull back next?
Daily:
- Blow up, collapse down. Same pace. Spot Ichimoku is bearish/neutral, but looking forward Price faces some more bearish headwind ahead.
- Price is reaching possible support/resistance, where sellers should take a break.
- Heikin Ashi may signal today a start of bearish consolidation. Watch positive divergence in haDelta!
- As Wheat has become very volatile, it is not impossible that we see a quick move upto 535-540 area from support.
Hard to find a proper strategy here. Maybe worths some bottom fishing in small.
