Wheat Targets & Analysis
Wheat Targets & Analysis
There are two methods we use at ONE44 to find support and resistance in the markets.
The first are major Gann squares, these are the yellow horizontal lines on the chart.
The second is Fibonacci retracements.
Here are a few basic rules when using the Fibonacci retracements with the ONE44 rules and guidelines.
This is the short version.
A 38.2% level keeps the trend intact and new highs/lows should follow.
A 23.6% level shows the market is extremely strong, or weak.
A 61.8% level can send the market 61.8% of where it just can from and cause wide swings keeping the market in a trading range.
A 78.6% level can send it 78.6% of where it just came from and even be the end or start of a Bull market.
We have done 45 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. These Videos are worth watching even if it is not in the market you are trading, as the ONE44 rules and guidelines are the same for every market. You will also see why we believe the Fibonacci retracements are the underlying structure of ALL markets.
Wheat
December
From last week,
Every close was below 730.75 major Gann square and swing point for the week. It has now hit the short term target of 38.2% back to the contract low at 702.00 and this will be the key level for the week. Provided it can hold this area it can send it back to test the long term swing point of 38.2% at 799.00.
Use 702.00 as the swing point for the week.
It has now failed to hold 38.2% back to the contract low at 702.00 turning the short term trend negative to go with the long term trend remaining negative after failing to get above the long term 38.2% level up at 799.00. It now has one close below the 682.00 major Gann square and this will be the key level for the week.
Use 682.00 as the swing point for the week.
Above it, the short term target is 38.2% back to the 9/2/26 high at 718.00, this is now the level it needs to get back above to turn the short term trend positive. The longer term target area is 78.6% of the same move at 769.00 and the 776.50 major Gann square. Any rally that fails to get back above 38.2% at 702.00 is a very negative sign and a new low can quickly follow.
Below it, the short term target is the 658.00 major Gann square. The longer term target area is 61.8% at 646.00 and the 632.75 major Gann square. The long term target is 78.6% at 606.00, this is also a major Gann square.
ONE44 Analytics where the analysis is concise and to the point
Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.
If you like this type of analysis and trade the Grain/Livestock futures you can become a Premium Member.
You can also follow us on YouTube for more examples of how to use the Fibonacci retracements with the ONE44 rules and guidelines.
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