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…

Corn (ZC) Bounce Off 2023 Low @ Fresh May High

Corn (ZC) gained for a 5th straight day Friday going into the US Memorial Day long weekend holiday, closing just shy of Friday’s fresh May high. The sharp reversal from the 2023 low formed 2 weeks ago at just below the 2022 low (formed in July) and the 50% Fib retrace of April 2020 to April 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com), suggests more upside in June…

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…