Wheat monthly potential bottom setting up
The monthly wheatusd chart looks like it may be setting up a potential long term bottom.
Continue to watch 4.090 to hold. if price closes the month above this line, momentum should continue to build for up trend
Look at Weekly and Daily charts for signals to enter long position.
Weekly
4.214 is an important resistance line on weekly. A close and hold above this line weekly would signal building strength in up trend
Daily
Neither weekly or daily have clear buy signals but rather both have their ADX below 20 indicating price consolidation in all 3 time frames.
- +DI has crossed above -DI and has put in a solid support line at 4.090 holding for past 4 months
- ADX has continued to trend up signaling a strengthening of dominant trend (+DI)
- TRIX has been moving toward 0 from negative
- Stoch, after being oversold for past year, has moved above 25 and continues to climb
Continue to watch 4.090 to hold. if price closes the month above this line, momentum should continue to build for up trend
Look at Weekly and Daily charts for signals to enter long position.
Weekly
4.214 is an important resistance line on weekly. A close and hold above this line weekly would signal building strength in up trend
Daily
Neither weekly or daily have clear buy signals but rather both have their ADX below 20 indicating price consolidation in all 3 time frames.
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