Natural Gas (NG) surged Friday another near 4%, closing at a fresh June high. With NG having last week rallied strongly off the 2023 low (formed the week prior) and the weekly chart support, NG is once again trying to form a major bottom (as can be seen on a monthly chart on tradingview.com)…
Soybean (ZS) is trying to gain for a 3rd straight day after a sharp reversal off a fresh 2023 low (just below the 2022 low), but is likely to see a bit of healthy consolidation in the next day or so. Any break above downchannel resistance (on the 4hr and daily chart) will likely have to wait until at least late week, and would dramatically reduce the odds of a test by Q3 sometime of the 2021 low (formed that November) near the 61.8% Fib retrace of the May 2019 to June 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com)….
Corn (ZC) gained for a 5th straight day Friday going into the US Memorial Day long weekend holiday, closing just shy of Friday’s fresh May high. The sharp reversal from the 2023 low formed 2 weeks ago at just below the 2022 low (formed in July) and the 50% Fib retrace of April 2020 to April 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com), suggests more upside in June…
Soybean (ZS) is trying to firm to start the week, but remains vulnerable this week to extending the slide from the 2023 high to a fresh 2023 low. Although ZS is increasingly likely to see some short covering as it probes its 2022 low and tests downchannel support (on the 4hr chart), odds are elevated for a deeper slide by Q3 sometime to the 2021 low (formed that November) near the 61.8% Fib retrace of the May 2019 to June 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com)…
Corn (ZC) appears vulnerable to more healthy profit taking to start the week after failing last week to close above symmetrical triangle resistance (on the weekly chart) following Tuesday’s surge above it. A break below upchannel support (on the daily chart) seems likely in the next day or so, with moderate odds for a retest of the April low before month end…
Corn (ZC) is testing symmetrical triangle resistance (on the weekly chart), with decent odds for reclaiming the 2023 high in April. Any break above ascending triangle resistance (on the 4hr chart) this week will dramatically reduce the likelihood of ZC sliding back before month end to triangle support (on the weekly chart)…
Corn (ZC) is trying to firm to start the week but remains vulnerable to more downside this week after breaking last Thursday below triangle support (on the weekly chart). Odds are roughly equal for ZC to bounce off downtrend support (on the 4hr chart) before month end as it is for a slide to a fresh 2023 low in the same period…
Corn (ZC) edged higher Friday ahead of today’s US Presidents Day holiday, but is about to see a volatility spike with the triangle (on the weekly chart) near complete. Any break above the January high would dramatically increase odds of testing the psychologically key 700 whole figure level and November high in the few days after…
Soybean (ZS) gained for a 3rd straight day Friday following the WASDE Thursday. When ZS reopens in the shortened session (with today being Dr Martin Luther King Jr Day), ZS will likely make an attempt at testing the January high…
Wheat (ZW) has been consolidating for 2 weeks near the 61.8% Fib retrace of the September 2016 to March 2022 bull market (as can be seen on a monthly chart on tradingview.com), but remains moderately vulnerable to sliding back to the 2022 low before year end. ZW will need a weekly close above the psychologically key 800 whole figure level and to break above descending wedge resistance (on the weekly chart) to neutralize the still somewhat bearish longer term momentum…
