Wheat (ZW) Consolidating Near 61.8% Fib Retrace of Sep16-Mar22 Bull Market

Wheat (ZW) has been consolidating for 2 weeks near 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), but remains moderately vulnerable to sliding back to the 2022 low before year end. ZW will need a weekly close above the psychologically key 800 whole figure level and to break above descending wedge resistance (on the weekly chart) to neutralize the still somewhat bearish longer term momentum…

Corn (ZC) Retesting Weekly Chart Triangle Resistance

Corn (ZC) gapped up more than 2% to start the week, but is likely to consolidate these next few days as it bumps against the psychologically key 700 whole figure level and triangle resistance (on the weekly chart). With the rebound off upchannel support (on the weekly chart), odds are decent for a test of the same upchannel’s resistance, coinciding roughly with the 2022 high, before year end…