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…
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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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…
Wheat (ZW) is looking wobbly to start the week, remaining vulnerable to a deeper consolidation this week towards descending wedge support (on the 4hr chart). Odds are moderately high for a lower October low versus the September low. ZW does not appear likely for now though to form a fresh 2022 low before year end. The escalation in the Ukraine-Russia conflict deserves close monitoring…
Corn (ZC) is edging lower to start the week as part of the consolidation near the psychologically key 700 whole figure level and triangle resistance (on the weekly chart). With ZC having at last week’s peak clawed back above the 61.8% Fib retrace of the May to July slide, any deeper profittaking this week is unlikely to break below the 38.2% Fib…
Wheat (ZW) has gapped up almost 2% to start the week, and is trying to extend the upchannel (on the daily chart). ZW is more likely though to first continue last week’s consolidation going into the highly anticipated WASDE on Oct 12…
Corn (ZC) is pushing higher to start the week, but likely to hesitate in the next day or so as it bumps up against triangle resistance (on the weekly chart) and the psychologically key 700 whole figure level. Although healthy profittaking is in order, with ZC’s strong bounce off the July low, ZC appears more likely to retest the 2022 high before year end than to slide back in the same period to the July low, or the 50% Fib retrace of the April 2020 to April 2022 bull market (as can be seen on tradingview.com)…
