US Wheat Futures - Dec 23 (ZWZ3)

I said that you munawar right ?

Speculation manipulation crazy ridiculous what's ever ...

All of a sudden some big volume coming with the price moving up, seems like 577-578 gets taken out today itself, lets see, cheers.

Well technically if we retrace the entire move down from 577 to 540 and now come back to 577, which seems very likely this week, then its a 100 percent retracement, in which case we can expect a 200% move from the 540 low, which takes it to 610-615 range, so keep a watch for a daily closing above 577. It would be a very positive sign. cheers.

It seems the big boys have achieved what they wanted, they took it down only to stop out retail and make us bearish and now they are taking it up, lol, cheers.

well from long term technical perspective wheat is in sell mode below 610. if for some reason wheat closes above 610 on weekly lvl, we might expect 6.25 6.50, above we would be in bullish territory and we might expect higher prices... as of now you can possibly expect some pullbacks, but some minor support at 520, but most probably we are heading to 480 460 area with max extension to 420.... view next few months up to Q22024. not a financial advice but probbabilities based on a long term chart

-6 today

I think alot of market participants thought that this would continue lower today. If I was short, I would be stuck worrying if Friday was the washout bottom. Friday and Monday were the two highest volume days by far for December Chicago Wheat. Every tick higher puts pressure on the massive short position to cover which causes more short funds to think about covering and so on. Chain reaction. I don't think the longs necessarily even need it, but throw in some substantial news out of the Black Sea and the market could get wild very quickly. Sentiment is so washed out that most everyone seems to have forgotten how quickly this could change course. It's usually said that markets take a staircase up and an elevator down, but I think we could have the opposite brewing here due to the combination of the big short position and the many geopolitical risks out there.

Teliing again will end red

Will end red