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Wheat Futures Technical Alert


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Wheat (ZW 12-17) closing below the late August lows in the last session. We are now seeing a weak retest of the breakzone level.

According to the Volume Profile the low of the prior trading range is outside the 2 standard deviation zone providing the ZW with overhead resistance going forward into the rest of the week ahead.

A restest and fail of the prior days Price Magnet High will confirm swing short bias.

Tradewell,

Bruce.

FuturesTradeRoom.com



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About the author


Bruce Levy
FuturesTradeRoom.com

Bruce Levy is an independent Futures Trader.  He is currently a Level 1 CMT with the Market Technicians Association and subscribes to the recognized methods of Classical Technical Analysis. He specializes in adapting directional outright trading systems to ever changing market environments. The strategy's vetting process involves identifying tradeable patterns through keen market observation, once patterns are discovered they are mechanized for further analysis. Those that meet rigorous criteria are then automated into an algorithm and quantified over a robust data set prior to use in the traderoom.

Bruce shares his extensive work through the FuturesTradeRoom screenshare, his Automated Day Trading Programs are streamed on a 24/6 basis. In addition, the system involves no human intervention whatsoever and the trades are executed on the chart trader for all to see. He also writes a Weekly Futures Market Update Newsletter which focuses on Daily and Weekly chart formations. His analysis includes a unique blend of Volume Profile, Price Action and Classical Technical Analysis.  

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