Soybean (ZS) is consolidating for a 3rd straight day to start the week, hovering just above downtrend resistance (on the daily chart). Significantly, ZS has halted the deep correction from the May/June peak with its push last week above descending wedge resistance (on the weekly chart). Bullishly, ZS has formed a higher November high versus the October high, reclaiming the 50% Fib retrace of the May 2019 to May 2021 rally…
Cocoa (CC) rallied another near 1% yesterday, forming a 4th straight green daily candle and is suddenly back to near the November high. Significantly, although CC may consolidate today yesterday’s recapture of the 38.2% Fib retrace of the September to November slide, CC is arguably extending a major upchannel (on the weekly chart)…
Corn (ZC) is consolidating to start the week, but appears poised to test the November high in the next few days. Significantly, ZC has reclaimed the 50% Fib retrace of the May to September slide, and is well positioned to extend what could be described as a Bull Flag after breaking triangle resistance (on the weekly chart) 2 weeks ago…
Wheat (ZW) is edging higher to start the week, consolidating the bounce that began mid last week from triangle support (on the daily chart). Significantly, ZW is testing once again the 38.2% Fib retrace of the July to August rally, and appears comfortably above the psychologically key 700 whole figure level…
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Wheat (ZW) is trying to firm to start the week after last week’s rejection from a fresh 2021 high. Significantly, ZW appears more like it is in the middle innings of an orderly consolidation as opposed to the beginning of a Double Top (on the weekly chart) with the August high only slightly above the May high…
Wheat (ZW) is continuing a week long consolidation to start the week, trying to bounce off the 4hr upchannel support. Significantly, although ZW is unlikely to make any major moves ahead of Thursday’s highly anticipated WASDE, ZW appears increasingly likely to retest the 2021 high in August…
Soybean (ZS) is trying to edge higher to start the week, but remains vulnerable to a deeper consolidation as it hovers for a 4th straight day near uptrend support (on the weekly chart). Significantly, although ZS’ rebound 2 weeks back brought ZS well above uptrend support (on the weeky chart), ZS is once again on the brink of giving up this key battleground…
Corn (ZC) is poised for more consolidation in this US Independence Day holiday shortened week. Significantly, ZC is arguably in the middle innings of a massive triangle (on the weekly chart), where the distance between the triangle support and resistance suggests at least a few more months before the triangle resolves either way…
Soybean (ZS) is trying to stabilize to start the week, bouncing off a near complete wedge/triangle’s support (on the 4hr chart) and trying to break decisively above descending wedge resistance (on the daily chart). Significantly, regardless of the high probability for a multi-day bounce, ZS will remain vulnerable to a Bear Flag extension in July while ZS sits below uptrend support (on the weekly chart)…
