Wheat (ZW) is firming to start the week, consolidating last week’s break above downtrend/descending wedge resistance (on the weekly chart). Odds are rising that ZW’s slide beneath the 61.8% Fib retrace (at ~758) of the September 2016 to March 2022 bull market (as can be seen on a monthly chart on tradingview.com), was an overshoot…
Soybean (ZS) is edging higher to start the week, and appears poised to retest the January high this week. With ZS comfortably closing last week above the psychologically key 1500 whole figure level, odds are rising and elevated for a test of the June 2022 high sometime by or on the day of the next highly anticipated WASDE February 8…
Wheat (ZW) is starting the week continuing a consolidation near the 2022 low, remaining vulnerable to a deeper slide towards descending wedge support (on the weekly chart) in January. With ZW below 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), odds are moderate for a sliding back to the 2021 low just below the psychologically key 600 whole figure level sometime in Q1…
WTI Crude (CL) is trying to add to yesterday’s gains after breaking above the psychologically key 80 whole figure level. Any decisive surge above the slightly downsloping resistance line (on the daily chart) connecting the December and January highs will likely though have to wait until after Thursday’s highly anticipated weekly inventory data (postponed from today due to Monday’s US Dr Martin Luther King Jr Day holiday).
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) is starting the week consolidating for a 3rd straight day near the 2022 low, remaining vulnerable to a deeper slide towards descending wedge support (on the weekly chart) in January. With ZW below 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), ZW is moderately vulnerable to sliding back to the 2021 low just below the psychologically key 600 whole figure level sometime in Q1….
Soybean (ZS) is seeing healthy profittaking to start the week, triggered by Friday’s highly anticipated WASDE. Nevertheless, ZS appears to be consolidating comfortably above triangle resistance (on the weekly chart), reinforced with Friday’s close above the 38.2% Fib retrace of the slide from the June high to the July low…
Corn (ZC) is trying to firm to start the week, but remains vulnerable to sliding in the next day or so to the 38.2% Fib retrace of the May to July slide. Odds are now moderately high for ZC to retest ahead of the Xmas lull, the psychologically key 600 whole figure level…
Soybean (ZS) is looking wobbly to start the week, appearing vulnerable to sliding in the next few days towards the 38.2% Fib retrace of the slide from the June high to the July low. Odds are elevated for a retest of the psychologically key 1400 whole figure level this week, and for a slide back to triangle support (on the weekly chart) before the Xmas lull sets in…
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