Trading news

Wheat – prognosis via Dow Theory

Weekly chart:

With the last high at $ 614, the last downtrend was able to be broken. Unfortunately, no new uptrend has been able to establish itself yet either, making it seem as if a new downtrend is developing. However, as of now, this trend is still not yet valid.

Chart1

Daily chart:

In this trend size we already have a new downtrend which is currently in a correction and has also already arrived in its correction zone. This zone reaches from € 490 to € 531. As long as the price remains in this zone, we must still anticipate a continuation of the downtrend.

Chart2

Hourly chart:

The current correction in the daily chart is showing as a valid uptrend in the hourly chart. This is, in turn, also in its correction and has reached its correction zone as well. Here, the same goes as for the daily chart: as long as the green zone is not exited downwards, the uptrend can go on. But careful: this uptrend merely reflects the correction of the superior downtrend from the daily chart.

Chart3

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Markus Gabel

Sales partner / AgenaTrader / TradeEscort
AgenaTrader Trading Software

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Wednesday, 16 Dec, 2015 / 8:45

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