Bear market with strong positive divergences and a bullish wedge
Wheat chart is maybe even more interesting than Corn.
Weekly:
- Very long term bearish trend, and maybe a bearish wedge too.
- Ichimoku is bearish, but price is far below Kijun and Senkou-B, where we have longer term equilibrium at 455
- MACD lines are converging, positive divergence has been built for more than two months in histogram!
- Heikin-Ashi signal is slightly bearish, rather a noise, as price can't make a subst. lower low. What's more, it looks like haDelta and haOscillator have developed quite some bullish divergence too.
By weekly picture I see limited downside, and increasing chance of a local bottom being established.
Daily:
- Ichimoku setup is bearish until price is below Kijun Sen. But Kijun is catching down quickly. Key level is 411, marked by Kijun and trendline
- Mixed price action in 393-411 range, with no lower low, no higher high either.
Heikin-Ashi signal is bullish today, but it has been quite mixed recently.
- EWO is building a positive divergence. This is what makes me think, there is higher chance to see a break on the upper side.
- ATR (volatility) is extremely low here too.
Weekly:
- Very long term bearish trend, and maybe a bearish wedge too.
- Ichimoku is bearish, but price is far below Kijun and Senkou-B, where we have longer term equilibrium at 455
- MACD lines are converging, positive divergence has been built for more than two months in histogram!
- Heikin-Ashi signal is slightly bearish, rather a noise, as price can't make a subst. lower low. What's more, it looks like haDelta and haOscillator have developed quite some bullish divergence too.
By weekly picture I see limited downside, and increasing chance of a local bottom being established.
Daily:
- Ichimoku setup is bearish until price is below Kijun Sen. But Kijun is catching down quickly. Key level is 411, marked by Kijun and trendline
- Mixed price action in 393-411 range, with no lower low, no higher high either.
Heikin-Ashi signal is bullish today, but it has been quite mixed recently.
- EWO is building a positive divergence. This is what makes me think, there is higher chance to see a break on the upper side.
- ATR (volatility) is extremely low here too.
