Buy Spot Wheat Around 2160-2180 SL Below 2050 TGT 2500 - Kedia Advisory
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WHEAT OUTLOOK
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As per the weekly chart, the overall trend remains bullish for Wheat prices as it is above the support level of 2230 and is well above its longer 200-moving average (MA) level as well as the 50-moving average (MA) level. The above chart is suggesting that there may be a retest around its above said support level which will be a great buying opportunity for the target of 2600 with a stop loss below its 50-day moving average as per current fundamentals and technicals.
We have scanned the charts technically and found the following reading :
Ichimoku Cloud : The above weekly chart of Wheat shows that Ichimoku clouds have turned and sustained green for many sessions and hence we can expect an upside in the upcoming sessions. Price action has confirmed a breakout above the weekly cloud levels and Ichimoku clouds are suggesting that the upside potential is still intact. The Ichimoku Cloud is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction. It does this by taking multiple averages and plotting them on a chart.
Fibonnaci Retracement Levels: As per Wheat chart on weekly, it has an important support at the zone of 2170 which is the 78.60% Fibonacci Ratio Level and it is now hovering just above this Fibonacci level. We could expect Wheat prices to have a pullback till its above said support zone and if prices continue to trade above this, prices will head towards the 100.00% Fibonacci level which is 2370 and if it sustains these levels, it may also rally towards our final targets of 2600 (127.20% Fibonacci ratio level).
Moving Averages : Wheat prices are seen well above its 50 Moving Average(MA) and 200 Moving Average(MA). If a commodity trades above its both MA's, it usually signifies that the long term and the immediate trend is upward and extremely bullish and Wheat prices could rally as long as it is above its Moving Averages.
BUY SPOT WHEAT AROUND 2160-2180 SL BELOW 2050 TGT 250
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