Wheat (ZW) is correcting within its month or so upchannel (on the daily chart), vulnerable to sliding back to upchannel support in the next few days. Nevertheless, the bounce off the 2022 low in August has been strong enough that ZW is on pace to forming a higher September low versus the August low, reinforcing the higher September high versus the August high…
Wheat (ZW) is seeing a bit of healthy consolidation ahead of today’s highly anticipated WASDE at noon EST. Although the bounce off the 2022 low in August has formed a higher September high versus the August high, the immense volatility post-WASDE could briefly send ZW back to upchannnel support (on the 4hr chart)…
Corn (ZC)’s bounce off the July low appears to have ended for now with last week’s weekly Doji closing around the 50% Fib retrace of the May to July slide. ZC has also bumped up against what is arguably triangle resistance (on the daily and weekly chart)…
Corn (ZC) is consolidating just above triangle resistance (on the daily chart) to start the week, testing the highest level since July. With ZC having reclaimed the 50% Fib retrace of the May to July slide, ZC appears to be gearing up for a retest of the 2022 high before year end…
Corn (ZC) is in the advanced stages of a triangle (on the daily chart), where odds are improving for the July low to hold the balance of August. ZC remains shaky nevertheless where a break below the daily chart triangle support and psychologically key 600 whole figure level would likely be followed in the week after by a test of the July low…
Corn (ZC) is consolidating Friday’s surge post-WASDE, catching its breath before trying to challenge the July high. With ZC unable to slide back to the psychologically key 600 whole figure level immediately following Friday’s WASDE, ZC is making progress with its higher major low that began in July, coinciding with the 50% Fib retrace of the April 2020 to April 2022 bull market (as can be seen on tradingview.com)…
Soybean (ZS) is tiring after last week’s massive rebound, with ZS just shy of the psychologically key 1500 level. ZS appears vulnerable to breaking upchannel support (on the 4hr chart) in the next few days, and will likely want to spend the next week or so catching its breath near the 50% Fib retrace of the June to July slide…
Wheat (ZW) is gapping up almost 3% to start the week, trying to halt the slide since the 2022 peak in May. Although ZW remains vulnerable to sliding to downchannel support (on the daily chart) in the next week, odds are higher for ZW to bounce from current levels which coincide with the 61.8% Fib retrace of the December 2016 to February 2022 bull market (as can be seen on tradingview.com)…
Soybean (ZS) is trying to halt its slide from the June peak, but remains vulnerable this week to completing the 4hr chart triangle to the downside effectively continuing a Bear flag or downchannel (on the daily chart). Nevertheless, bears should not rule out short covering with ZS trying to bounce off the 61.8% Fib retrace of the November to June bull market extension…
Corn (ZC) has gapped up 4% plus to start the week, and is suddenly testing the 38.2% Fib retrace of the May to July slide. With last week’s green weekly Hammer and ZC trying to reclaim downchannel support (on the daily chart), ZC appears to have halted the slide from the May peak.
