Trading news


Wheat Bullish At Major Support

Wheat, Weekly

US wheat hit five year low yesterday and bounced higher as traders covered the shorts. Over the last few weeks wheat has moved lower even with dryness in the southern Plains. Now with some rain in the south the dryness worries in the north west of the country could help this bounce to turn into an uptrend. Since failing to penetrate resistance at 544 in the beginning April wheat futures have moved lower. Now that weekly Stochastics are getting oversold price is trading right above an important support level. In fact, price has bounced from 466 support yesterday suggesting that there is more upside than downside potential in this market.

Wheat D

Wheat, Daily

Yesterday’s rally from 466 support created a bullish hammer candle while Stochastics are showing clear bullish divergence. A pivot low from beginning of March capped yesterday’s trading in wheat and price has since then been moving right below this 478 resistance. There is some resistance at 485’5 while the next significant daily resistance area has been created between 495 and 504 by Fibonacci retracement levels and a pivot candle. In addition, the 50 day SMA is hovering at 505’7 at the time of writing.

Wheat 240

Wheat, 240 min

In intraday charts Stochastics is overbought which ties together with the price stalling at minor resistance (478’2). As the longer term (weekly) support is just at yesterday’s low it is likely that smaller time frame resistances like this will get broken. The 50% Fibonacci level coincides with the 485’5 level and therefore suggests that in the short term picture this retracement level is more significant than others. The last completed 4h candle is another hammer pointing to higher prices.


Wheat is trading above support created in 2010 and bounced significantly higher the last time it touched this level. Now price action indicates that US wheat will move higher over the coming days and weeks. My short term T1 at 485’5 and T2 at 500. For those interested in longer term trading the 500 level could well be T1 and 530 T2. This bullish view would be negated if price moved below the 466 support with no signs of quick recovery.

Janne Muta
Chief Market Analyst

Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.

Wednesday, 29 Apr, 2015 / 10:40

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source :

Trading news


Intraday Market Analysis – Recovery Momentum

EURUSD breaks above key resistance eurusd The euro recoups last month’s [...]

Posted on Tuesday, 20 Apr, 2021 / 1:00 under

What To Expect Out Of Bank Of Canada Interest Rate Decision

There is an increasing consensus that we will get some action out of the BOC [...]

Posted on Tuesday, 20 Apr, 2021 / 12:54 under


Coca-Cola reported quarterly sales growth for the first time after four [...]

Posted on Tuesday, 20 Apr, 2021 / 10:04 under