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Background: Russia is one of the world’s top exporters of wheat, however new reports indicate their exports are declining. See here for more information: https://www.etftrends.com/commodities-channel/rising-russian-wheat-prices-underscore-global-food-concerns/ .
Analysis:
- My Elliott wave count said there was an X wave decline in December wheat from 617.25 on 10/2/2024 to 565.75. I expected a bullish tradable swing trade based on this data.
- The Gann Slope lines produced by the squaring of price with time agreed with the Elliott wave count.
- The currently dominant cycle is 12 market days and the low appeared to have occurred as expected on 10/22/2024!
- The MACD momentum indicator gave a buy signal on 10/22/2024.
- Lastly, there was a bullish Hammer candlestick pattern on 10/24/2024.
Tags: Russia, Wheat, Futures, Agriculture, weekly analysis
In conclusion, based on our trend analysis, the recommendation was to buy December mini wheat at 591.75 with a stop order. For managing the trade after entry, check out my trading philosophy for futures on this website.
Happy Trading,
Dave Register
CTA