WTI Crude (CL) edged higher Friday, completing a near week long recovery from just above the psychologically key 70 whole figure level after the prior week’s sharp pullback. The bigger picture is of CL is trying to form a higher major low (formed December) versus the March and May low…
Tag: Wheat
Wheat (ZW) Weekly Doji Testing Descending Wedge Resistance
Wheat (ZW) formed a daily Gravestone Friday, with last week’s weekly Doji closing just above the psychologically key 600 whole figure level. With the higher January low versus the November low, ZW continues to make progress in its efforts to form a major bottom (as can be seen on a monthly chart on tradingview.com)…
WTI Crude (CL) Halts 3 Month Slide
WTI Crude (CL) edged another near 1% higher Friday, completing a month plus bottoming effort around the psychologically key 70 whole figure level. The bigger picture is of CL is trying to form a higher major low (formed December) versus the March and May low…
WTI Crude (CL) Tries Bouncing Off Key 70 Level
WTI Crude (CL) slid nearly 1% Friday, continuing a month plus bottoming effort around the psychologically key 70 whole figure level. The bigger picture is of CL is trying to form a higher major low (formed December) versus the March and May low…
Silver (SI) Nearing Key 25 Level Going into 2024
Seasons Greetings! Silver (SI) edged lower Friday on healthy consolidation going into the holiday shortened final week of 2023. With SI back above a major triangle/downtrend resistance connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com), odds are elevated for an end to the year back above downchannel resistance (on the weekly chart) and the psychologically key 25 whole figure level…
Silver (SI) Tries Reclaiming Weekly Chart Downchannel Resistance
Silver (SI) edged almost 1% lower Friday on healthy consolidation after the strong gains off Wednesday’s December low. SI is now trying to reclaim downchannel resistance (on the weekly chart), which if successful, dramatically increases the likelihood of breaking within a week after back above the psychologically key 25 whole figure level and a major triangle/downtrend resistance connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com)…
Corn (ZC) Testing Weekly Chart Descending Wedge Resistance
Corn (ZC) edged lower Friday, closing the week at what is arguably descending wedge resistance (on the weekly chart). With the prior week’s weekly Hammer’s long lower shadow reversal from the 2023 low (along with the November Hammer doing the same as can be seen more easily on a monthly chart on tradingview.com), odds are decent that ZC is in the early stages of forming a major bottom (now that the December WASDE released Friday is out of the way)…
Wheat (ZW) Tries Holding 2023 Low Ahead of WASDE
Wheat (ZW) gained more than 1% Friday with a 3rd straight up day, attempting to hold the 2023 low. Although last week’s weekly Hammer bounced from just above the October and September low, odds remain moderate for a slide back to downchannel support (on the weekly chart) following Wednesday’s highly anticipated WASDE…
Wheat (ZW) Weekly Gravestone Closes Just Above Key 700 Level
Wheat (ZW) slid a 3rd straight day Friday as part of the healthy consolidation after briefly breaking downchannel resistance (on the weekly chart) Tuesday. With last week’s weekly Gravestone closing just above the psychologically key 700 whole figure level, and a higher July high and low versus the June high and low, ZW will likely make progress in August with the major bottoming efforts off the 2023 low (formed at the end of May) and the weekly chart downchannel support…
WTI Crude (CL) Weekly Doji Retests Key 75 Level
WTI Crude (CL) consolidated Friday with a daily Hammer closing around the June high and just shy of the July high. With last week’s weekly Doji testing the psychologically key 75 whole figure level, odds are elevated for a retest before month end of the July high with a catalyst coming as early as Wednesday’s highly anticipated weekly US crude inventory…