Wheat (ZW) is a bit wobbly to start the week, consolidating the mid last week bounce around a downtrend resistance (on the daily chart) connecting the August and early September highs. Significantly, ZW is retesting the 50% Fib retrace of the July to August rally, and appears to want to consolidate further around the psychologically key 700 whole figure level…
Wheat (ZW) firmed going into the US Labor Day holiday long weekend, bouncing off downchannel support (on the 4hr chart). Significantly, ZW has held the 38.2% Fib retrace of the July to August rally in the last 3 weeks of consolidation, and does not appear to be at the beginning of a Double Top (on the weekly chart) with the August high slightly above the May high…
Wheat (ZW) is trying to firm to start the week, continuing last week’s effort to bounce off the 38.2% Fib retrace of the July to August rally. Significantly, ZW appears to be in the middle innings of an orderly consolidation as opposed to the beginning of a Double Top (on the weekly chart) with the August high only slightly above the May high…
Wheat (ZW) is trying to firm to start the week after last week’s rejection from a fresh 2021 high. Significantly, ZW appears more like it is in the middle innings of an orderly consolidation as opposed to the beginning of a Double Top (on the weekly chart) with the August high only slightly above the May high…
Wheat (ZW) is gaining for a 5th straight day, retesting the 2021 high formed in July. Significantly, although the upside in the next few days appears to be limited to uptrend resistance (on the 4hr chart) and ascending wedge resistance (on the daily chart), there is a moderately high probability that ZW will gravitate to the psychologically key 800 whole figure level by the weekend…
Wheat (ZW) is continuing a week long consolidation to start the week, trying to bounce off the 4hr upchannel support. Significantly, although ZW is unlikely to make any major moves ahead of Thursday’s highly anticipated WASDE, ZW appears increasingly likely to retest the 2021 high in August…
Wheat (ZW) is firming to start the week, quickly approaching the July high. Significantly, ZW has reclaimed the psychologically key 700 whole figure level along with the 61.8% Fib retrace of the May to July slide…
Wheat (ZW) is forming the 3rd straight red daily candle to start the week, continuing last week’s consolidation after briefly breaking above the psychologically key 700 whole figure level. Significantly, ZW’s rejection last week occured near the 61.8% Fib retrace of the May to July slide, and leaves ZW just shy of the 38.2% Fib…
Wheat (ZW) has gapped up to start the week, but is likely to begin consolidating last week’s strong gains as early as today as it bumps up against upchannel resistance (on the 4hr chart). Significantly, ZW is beginning to form a daily Gravestone, tiring at the 61.8% Fib retrace of the May to July slide…
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