Clear 6.50 and I the path is a little easier... I also got a couple of signals I like that point for higher prices. Opinion only, see disclaimer below.
Been buying since April, have taken some profit out to watch rest stopped out at BE. Am long. Sort of H&S pattern
Scale in up to 660, scale out starting at 740-790. Must decide how to play the pull backs. 800 is ripe for a try-fail based on the charts. Be nimble. But, I don't know how ZW behaves, so FWIW
Oh no more inflation coming. Food prices will start to uptick as wheat prices gain.... All while the fed says they are cutting rates. Would absolutely love to see inflation come back and see the 10 yr skyrocket to 6 or 7 % in the next year! Would be an absolute pleasure to see how the fed handles that one.....
The predicticator on the daily says Up. The predictiator on lower timeframes says neutral. The predicted price target to reach the default 70 Overbought level on the 14-Day RSI (Wilders) - which uses a backsolver method - is currently at: 681.35.
All well and good... but any FORWARD looking prognosis on the weather in S. America this season? Yeah I know..."it's already reflected in the charts". --->By the best and brightest I'm sure.
I don't know much about wheat or farming, and I am not interested in trading it. I am just applying my tools to the chart. But I would think that demand is inelastic no matter the economy. Scarcity caused by a war or a bad crop season could only make it go higher but an over abundant supply may not make prices go lower if everything else is going up in price.
A brief info on seasonality regarding different commodities can be found here: https://www.elitetrader.com/et/threads/trading-basics.377053/page-9#post-5897767 Wheat - The top three global producers of wheat are as follows: China India Russia July, August & September: Summer in the Northern Hemisphere is traditional HARVEST time for wheat. The wheat harvest has a direct impact on supply in the market. If it is a good harvest, supply will increase, which should decrease the price of wheat. If it is a weak harvest, supply will decrease, which should normally increase the price of wheat. October, November & December: Autumn in the Northern Hemisphere is PLANTING time for wheat. The wheat planting season has a direct impact on supply in the market. If it is a productive planting season, supply will increase, which should decrease the price of wheat. If it is a bad planting season, supply will decrease, which should increase the price of wheat.