Idea on US Wheat: Head & Shoulders pattern

2021年9月15日

- Strong support at 66.80/BU with strong rejection candlesticks (hammer)
- Bullish engulfing on this support
- Rebound on the 150 Exponential Moving Average
- Broke up the 100 Exponential Moving Average
- Rebound on the 38.2% Fibonacci retracement level
- Hidden bullish divergence on Relative Strenght Index (RSI)
- Head & Shoulders pattern

Fundamental news:

- Cut of worldwide wheat production
- Oversold position before monthly USDA report

Objectives:

Wheat could goes up to the 77.22/BU level (61.8% Fibonacci retracement level) and then goes down and confirm the Head & Shoulders pattern. The theoretical objective is 55.80/BU (support). Before this level, there is a strong support at $6.20/bu. WHAT DO YOU THINK ABOUT THIS IDEA?

Feel free to share, comment and give your opinion if it is constructive ;)

DISCLAIMER: This is not investment advice

2021年9月24日

註釋

Head & Shoulders pattern seems to be invalidated.