We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of the December Wheat Futures (CBOT:ZW.Z13.E).
I hope you are having a GREAT week !
This week we will take a look at the futures chart of December Wheat.
When trading futures we use the weekly MarketClub Trade Triangle to tell trend and the daily MarketClub Trade Triangle to time the entries and exits of the trades.
Wheat put in a green weekly MarketClub Trade Triangle just before it made the breakout of the base and has put in a red daily Trade Triangle as it came back and tested the breakout.
If the weekly Trade Triangle stays green and Wheat trades higher putting in a green daily Trade Triangle that is a place to buy when using the MarketClub system.
The MACD technical analysis indicator is on a buy signal and shows the upside momentum is increasing for Wheat which puts the odds with higher prices.
Wheat looks to possibly be headed higher, which makes this a great Chart to Watch right now !