Wheat Backs Off From A Long Term Fibonacci Retracement

Wheat Backs Off From A Long Term Fibonacci Retracement

(ZWN26) 

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.

This is the ONE44 Analytics Update for Wheat from 5/14/26.

It has what we were looking for in the previous week and what to look for now.

Wheat

July

From last week,

The spike lower today traded below the short term target of 38.2% at 616.00, but closed back above to keep the current trend positive and this will be the key level for the week. Following the ONE44 38.2% rule a rally from here can send it to a new high.

Use 616.00 as the swing point for the week.

Above it, the short term target is 78.6% back to the 4/29/26 high at 657.00, a failure to make a new high in this area especially after holding 616.00 (38.2%) can cause a sharp selloff. The longer term target area is the 684.00 major Gann square and 23.6% on the continuation chart at 691.00. The long...

Holding the 616.00 (38.2%) swing point did send it to a new high and into the longer term target area of the 684.00 major Gann square and 23.6% on the continuation chart at 691.00. With this being a longer term retracement it can send this market on a bogger setback, however as always we will watch every retracement on any setback to see just how weak, or strong the market is. The setback so far is right at 23.6% back to the contract low at 650.50 and this will be the key level for the week. If this is all it can setback from the 23.6% longer term retracement it would be a very strong sign and a new high can quickly follow.
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Use 650.50 as the swing point for the week.

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Above it, the long term target is also the long term swing point at 804.00, this is 38.2% on the continuation chart. Before then there are major Gann squares to look for resistance and then use as the swing point, the next two are 708.25 and 733.50. You will still have to watch for a trade up to, or above 691.00 (23.6%) and a close below the 684.00 major Gann square can cause a sharp selloff.

Below it, the short term target is 38.2% back to the contract low at 627.00, this is the level that needs to hold to keep the current trend positive. The longer term target is the 605.75 major Gann square. The long term target area is 61.8% of the same move at 588.00 and the 581.00 major Gann square.

We have done over 45 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. Here is the latest.

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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.

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