Wheat (ZW) Nearing Weekly Chart Descending Wedge Support

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) Weekly MACD Tries Positively Crossing

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).

Wheat (ZW) Nearing 2022 Low Ahead of WASDE

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….