fbAnalisis teknis #C-WHEAT | #C-Wheat forecast bullish on supply concerns and strong demand | IFCM Indonesia

Analisis teknis #C-WHEAT : 2021-04-15

Recommendation Wheat:

Buy
Kuat JualSellNeutralBuyKuat Beli

Atas 656.5

Buy Stop

Bawah 636.1

Stop Loss

Expert Avatar
Senior Analytical Expert
Artikel 1755
IndicatorNilaiSignal
RSI Neutral
MACD Neutral
MA(200) Buy
Fractals Buy
Parabolic SAR Buy

Chart Analysis

IFC Markets Tech Analysis

The #C-Wheat technical analysis of the price chart on daily timeframe shows #C-Wheat, Daily is retracing toward the 200-day moving average MA(200) which is rising still. We believe the bullish momentum will continue as the price breaches above the upper Donchian boundary at 656.5. A pending order to buy can be placed above that level. The stop loss can be placed below 636.1. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis

Dry weather and high Chinese imports support wheat price. Will the wheat price continue rebounding?

Dry conditions in Europe and the US negatively impact wheat supply expectations. Thus, moisture deficit is an issue for US spring wheat areas in the north of the country, according to French consultancy Agritel. And experts are predicting a dry spell in the coming weeks in the European continent. At the same time, China's imports of grains like corn and wheat as well as soybeans soared in the first quarter boosted by strong demand from the livestock sector, according to data from customs released on Tuesday. Strong demand from China is supporting feed grain prices, including wheat.

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