Wheat Closed Yesterday Up 2.21%

The Hourly View for Wheat

  • At the time of this writing, W 1’s price is down $0 (0%) from the hour prior.
  • Wheat has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Wheat. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 50 hour changed directions on W 1; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Wheat’s hourly price chart is shown below.

W 1

The Daily View for Wheat

  • At the time of this writing, W 1’s price is up $15.75 (2.21%) from the day prior.
  • This move is a reversal from the day prior, which saw price move down.
  • Regarding the trend, note that the strongest trend exists on the 20 day timeframe.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
  • Divergence between W 1’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in W 1’s price.

Below is a daily price chart of Wheat.

W 1