Soybean (ZS) Testing Weekly Chart Descending Wedge Resistance

Soybean (ZS) is trying to gain for a 3rd straight day after a sharp reversal off a fresh 2023 low (just below the 2022 low), but is likely to see a bit of healthy consolidation in the next day or so. Any break above downchannel resistance (on the 4hr and daily chart) will likely have to wait until at least late week, and would dramatically reduce the odds of a test by Q3 sometime of the 2021 low (formed that November) near the 61.8% Fib retrace of the May 2019 to June 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com)….

Soybean (ZS) Tests 2022 Low

Soybean (ZS) is trying to firm to start the week, but remains vulnerable this week to extending the slide from the 2023 high to a fresh 2023 low. Although ZS is increasingly likely to see some short covering as it probes its 2022 low and tests downchannel support (on the 4hr chart), odds are elevated for a deeper slide by Q3 sometime to the 2021 low (formed that November) near the 61.8% Fib retrace of the May 2019 to June 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com)…

Wheat (ZW) Trying to Bounce Off Weekly Chart Descending Wedge Support

Wheat (ZW) is trying to firm to start the week, but appears likely to consolidate another day or so after Friday’s rejection post-WASDE at triangle resistance (on the 4hr chart). Before bulls get excited, they’ll want to see ZW break above downchannel resistance (on the daily chart), which if successful would dramatically increase odds of breaking descending wedge resistance (on the weekly chart) in the week after…