Technical Analysis #C-WHEAT : 2020-03-23

Indicator Signal

  • RSI Buy
  • MACD Buy
  • Bollinger Bands Buy
  • MA(200) Neutral
  • Fractals Neutral
  • Parabolic SAR Buy

Chart Analysis

On the daily timeframe, WHEAT: D1 exceeded the 200-day moving average line. Now it is trying to break up the resistance line of a short-term downward trend. A number of technical analysis indicators formed signals for a further increase. We do not exclude bullish movement if WHEAT rises above its last maximum: 544. This level can be used as an entry point. The stop loss is possible below the Parabolic signal and the last lower fractal: 491. After opening a pending order, we move the stop loss following the Bollinger and Parabolic signals to the next fractal minimum. Thus, we change the potential profit / loss ratio in our favor. After the transaction, the most risk-averse traders can switch to a four-hour chart and set a stop loss, moving it in the direction of the movement. If the price overcomes the stop level (491) without activating the order (544), it is recommended to delete the order: market sustains internal changes that have not been taken into account.
Fundamental Analysis

U.S. The Agriculture Department announced China started procuring US grain under an agreement - Phase 1, a two-country trade deal signed in January this year. Will WHEAT quotes grow?