Wheat is Down for the 5th Day in a Row

The Hourly View for Wheat

  • At the moment, W 1’s price is down $-1.25 (-0.19%) 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 50 hour timeframe.
  • The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

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 down $-2.5 (-0.37%) from the day prior.
  • Wheat has seen its price go down 8 out of the past 10 days, thus creating some compelling opportunities for bears.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • Price action traders may also wish to note that we see a doji candlestick pattern on Wheat. Given that we see downtrend on the 20 and 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 100 day changed directions on W 1; it is now pointing down. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
  • 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