Soybean (ZS) is hesitating as it retests ascending triangle resistance (on the weekly chart). When ZS reopens after a shortened holiday session, ZS could briefly burst to a fresh 2022 high, although healthy profittaking will likely kick in by mid week given that ZS is nearing upchannel resistance (on the 4hr chart)…
Tag: ZS_F
Soybean (ZS) Consolidating Just Below 2022 High
Soybean (ZS) is hesitating to start the week, and appears ready to consolidate the strong gains over the past 2 weeks. Nevertheless, with the ascending triangle (on the weekly chart) in its advanced stages, any break to a fresh 2022 high will dramatically increase the likelihood of a retest of the 2012 record high in the week after…
Wheat (ZW) Nearing Key 1000 level
Wheat (ZW)’s Bull Flag consolidation (or daily chart triangle) since early March is once again deepening, with ZW nearing the April low. Nevertheless, any strong bounce off downchannel support (on the 4hr chart) will likely coincide with a break above the daily chart triangle resistance…
Wheat (ZW) Retests 38.2% Fib Retrace of War Surge
Wheat (ZW)’s 6 week plus Bull Flag consolidation (or daily chart triangle) is at risk of deepening as ZW tests a 2 month or so uptrend support (on the weekly chart). Any break below the daily chart triangle support will dramatically increase the odds of ZW testing the 50% Fib retrace of the war surge, and the psychologically key 1000 whole figure level…
Wheat (ZW) Daily Chart Triangle Near Complete
Wheat (ZW) is pushing higher to start the week, appearing poised to complete a 5 week plus Bull Flag consolidation (or daily chart triangle). Interestingly, the correction from the March high was halted near the 50% Fib retrace of the war surge, just below the psychologically key 1000 whole figure level…
Wheat Tries Stabilizing Near Key 1000 Level
Wheat (ZW) is trying to firm to start the week, showing early signs of trying to halt the near month long slide from the 2022 high. Significantly, ZW is testing the 61.8% Fib retrace of the war surge, and appears to be trying to reclaim the psychologically key 1000 whole figure level…
Soybean (ZS) Daily Chart Triangle Near Complete
Soybean (ZS) is pushing higher to start the week, nearing completion on the daily chart triangle. Significantly, with a green weekly Doji beginning to form, ZS appears unwilling to deepen in its 2 week plus consolidation, improving odds for ZS to gravitate before month end, back to its 2022 high (from February)…
Wheat (ZW) Testing 38.2% Fib Retrace of War Surge
Wheat (ZW) is consolidating to start the week, trying to halt the strong slide since Tuesday’s 2022 and record high. Significantly, although ZW is suddenly testing the 38.2% Fib retrace of the February to March rally extension, ZW appears vulnerable this week to further profittaking towards the psychologically key 1000 whole figure level…
Soybean (ZS) Weekly Hammer Nears 2022 High
Soybean (ZS) edged higher Friday, closing just shy of its 2022 high (from the week before). Significantly, although ZS appears poised to gravitate to the 2021 high on its continuous chart (seen on tradingview.com), the May contract seems primed for some healthy profittaking as suggested by last week’s weekly Hammer following a weekly Gravestone…
Corn (ZC) Testing 2021 High
Corn (ZC) is edging higher to start the week, but likely to begin consolidating as early as today as ZC nears upchannel resistance (on the 4hr chart). Significantly, although ZC could very well break above the May high by early February, after 10 straight green daily candles, ZC appears more likely to first take a breather…