Wheat for Breakfast
- Posted by Greg Harmon
- on November 21st, 2014
The chart for wheat has looked like many commodity charts lately. Promising but in the end not delivering. Maybe it is the weather interfering with the harvest maybe it is just a seasonal thing, or maybe, just maybe there are sharks scaring farmers and consumers out of the Wheat field.
The two triangles constitute a bearish Shark harmonic in the weekly chart of Wheat ($ZW_F, $WEAT). A move above the current 560 level will confirm it as a Shark and then give a Potential Reversal Zone (PRZ) I at 718 and PRZ II at 773 above that. With the RSI trying to push into the bullish zone and the MACD rising it could cross that threshold fast. Keep an eye on Wheat.
Get my book, Trading Options: Using Technical Analysis to Design Winning Options Trades.
Want to learn more about Dragonfly Capital Views?
Dragonfly Capital Views Performance Through October 2014 Expiry and sign up here
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
blog comments powered by Disqus-
Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)