Wheat (ZW) has gapped up and opened limit up to start the week (on a continued escalation in the Ukraine-Russia conflict), breaking above uptrend/ascending wedge resistance (on the 4hr chart). Significantly, ZW is just shy of the record high in 2008, and is vulnerable to strong profittaking once it tags this key resistance level…
Tag: Corn
Corn (ZC) Consolidating Just Below Key 700 Level
Corn (ZC) has gapped up to start the week (on a continued escalation in the Ukraine-Russia conflict), bouncing Friday off upchannel support (on the daily chart). Significantly, ZC is trying to make another push towards the psychologically key 700 whole figure level, which if successful, will likely be followed in the day or so after by a test of the 2022 high formed Thursday…
Soybean (ZS) Weekly Hammer Nears 2022 High
Soybean (ZS) edged higher Friday, closing just shy of its 2022 high (from the week before). Significantly, although ZS appears poised to gravitate to the 2021 high on its continuous chart (seen on tradingview.com), the May contract seems primed for some healthy profittaking as suggested by last week’s weekly Hammer following a weekly Gravestone…
Wheat (ZW) Breaks Back Above Key 800 Level
Wheat (ZW) opened the week decisively above the psychologically key 800 whole figure level. Significantly, ZW has halted a slide from the 2021 peak, and appears to be readying to resume the uptrend (on the weekly chart)…
Wheat (ZW) Trying to Halt Daily Chart Downchannel Ahead of WASDE
Wheat (ZW) is edging up more than 0.5% to start the week, enjoying a gap up after breaking above descending wedge resistance (on the 4hr chart) Friday. Significantly, ZW appears to have halted a slide from the January peak, dramatically increasing the odds of testing the daily chart downchannel resistance in February…
Corn (ZC) Testing 2021 High
Corn (ZC) is edging higher to start the week, but likely to begin consolidating as early as today as ZC nears upchannel resistance (on the 4hr chart). Significantly, although ZC could very well break above the May high by early February, after 10 straight green daily candles, ZC appears more likely to first take a breather…
Wheat (ZW) Consolidating Above 2 Month Descending Wedge Resistance
Wheat (ZW) is gapping up to start the week, and is in the advanced stages of completing a consolidation just shy of the psychologically key 800 whole figure level. Significantly, ZW appears to be gearing up to spring off descending wedge resistance (on the daily and weekly chart), and trying to extend the upchannel (on the weekly chart)…
Corn (ZC) Continues Consolidating Near Key 600 Level
Corn (ZC) bounced almost 1.5% Friday off the January low, closing just shy of the psychologically key 600 whole figure level. Significantly, although the daily chart triangle is near complete and can resolve either direction, ZC does not appear to want to correct deeper than where it broke above triangle resistance (on the weekly chart)…
Corn (ZC) Consolidates Just Above Key 600 Level
Corn (ZC) is consolidating to start the week, nearing the completion of a triangle (on the 4hr and daily chart). Significantly, ZC is bumping up against the 76.4% Fib retrace of the May to September slide, and appears moderately likely to test the 2021 high sometime in January…
Soybean (ZS) Reclaims 61.8% Fib Retrace of Jun-Nov Correction
Soybean (ZS) has bounced to start the year, and is now just shy of the December high. Significantly, ZS has reclaimed the 61.8% Fib retrace of the June to November correction, with upward momentum returning following ZS’ break above triangle resistance (on the 4hr chart)…