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Chicago Wheat Back on the Move

Good morning Traders!

The price of Wheat continues to slide, following the break of the major Support level at around the area of 740, the market has then retested that level, consolidated for a while, and then finally, broke to a new Lower Low.

Wheat D
Wheat W
Wheat W

Drawing the Fibonacci retracement of the latest Daily move, has the 50% retracement clustering nicely with the support area at around the 660 level, and the 61.8% retracement clustering with the previous Daily swing Low.

I’ll be looking for the pullback to continue to around the 50% to the 61.8% retracement area, and then for a rollover setup. It’s important to note that the market latest Low, went slightly lower than the previous Weekly Low printed in July 2021, however from a Monthly point of view, we are very close to the swing Higher Low, and therefore I will be looking first for signs that the sellers are reversing the pullback and picking up momentum, rather than a pullback entry at the 660 area.

Happy Trading!

Tamar Mehr

Tamar Mehr is a professional trader, neuropsychological trading mentor, FXGlobe Ambassador, and decision-making expert. She’s based in Brisbane, Australia.

Trading Advice Disclaimer:
Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

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Trading leveraged products such as Forex and CFDs carries a high level of risk thus may not be appropriate and/or suitable for all investors. The investment value can both increase and/or decrease and the investors may lose all their invested capital. The content of this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Under no circumstances shall the Company or affiliated Companies have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to leveraged products.

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APLFX (PTY) LTD acts solely as an intermediary in terms of the FAIS Act, rendering only an intermediary service (i.e., no market making is conducted by APLFX (PTY) LTD) in relation to derivative products offered by FS INTERNATIONAL LTD (i.e., the Product Supplier).

By proceeding with opening an account, this will be registered with FS INTERNATIONAL LTD, which is authorised and regulated by the Vanuatu Financial Services Commission (VFSC) with license number 700227. FS INTERNATIONAL LTD falls outside the South African regulatory framework and Vanuatu’s laws and regulations will apply in relation to your account.

APLFX (PTY) LTD is authorised by the Financial Sector Conduct Authority (FSCA) in South Africa as a Financial Service Provider (FSP) with authorisation number 52045.

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