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Same as corn. Bit of bullish bias now, but needs some more time

Same as corn. Bit of bullish bias now, but needs some more time

Wheat CBOT:ZW1!

- We have a very precise downtrend line (with 5 tops), which is still far above recent weekly candle, but will be very important once again we get there. For now Ichimoku setup is still bearish , but as it failed to make a lower low below 463 key level, it may turn to neutral again within next few weeks.
- We possibly have a triple bottom in place! This is a very rare but very strong long term reversal pattern. Unfortunately by its nature the confirmation of this pattern would be a break above neckline: 565. That would also mean a trend break. So by then it will be obvious for 95 % of market players :-)
- Heikin Ashi makes a possible bullish signal this week: candle coulour changed to green and haDelta/SMA3 is trying to move higher again.

- Sucah as Corn, Wheat shows same characteristics on daily. Neutral Ichimoku setup. Bullish break requires a trade and close above 520. That would open space to 565 target. Remember! 565 is a very important strategic level!
- Possible inverse Head and Shoulders pattern started to develop, as Price popped higher from Kumo bottom. 525 breakout would be the confirmation.
- Heikin Ashi is bullish .

I think Wheat is rather a buy too in short term. Maybe it will be even more buy in long ter... but until then we need to wait several more weeks.