Wheat (ZW) gained more than 1% Friday with a 3rd straight up day, attempting to hold the 2023 low. Although last week’s weekly Hammer bounced from just above the October and September low, odds remain moderate for a slide back to downchannel support (on the weekly chart) following Wednesday’s highly anticipated WASDE…
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…
WTI Crude (CL) consolidated Friday with a daily Hammer closing around the June high and just shy of the July high. With last week’s weekly Doji testing the psychologically key 75 whole figure level, odds are elevated for a retest before month end of the July high with a catalyst coming as early as Wednesday’s highly anticipated weekly US crude inventory…
The GBPAUD surged well over 250 pips Friday from its day’s low to high, closing comfortably above the psychologically key 1.90 whole figure level. Odds are elevated for healthy consolidation to kick in by early week once the GBPAUD regains its 2023 high formed early June…
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) 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…
Wheat (ZW) is consolidating to start the week, digesting the bounce the began Wednesday off a fresh 2023 low. Odds are now higher for a test of descending wedge resistance (on the weekly chart) by next Monday (following the highly anticipated WASDE Friday) than it is for a test of wedge support coinciding roughly with the psychologically key 600 whole figure level…
Wheat (ZW) has just made a fresh 2023 low Friday, but could be about to see some short covering as it tries to bounce off the weekly chart descending wedge support. With ZW near complete on the weekly chart descending wedge, odds are higher for a test of wedge resistance this week than it is for a test of the psychologically key 600 whole figure level…
The S&P500 (ES) is consolidating near a fresh April high, hesitating as it tests the 50% Fib retrace of the slide from the January 2022 high to October 2022 low (as can be seen more easily on a weekly chart on tradingview.com), and nears the 2023 high formed February. Further creating caution is ES bumping up against a downtrend resistance (on the weekly chart)…
Soybean (ZS) is trying to firm to start the week following Thursday’s 1% plus slide going into the Easter holiday long weekend. ZS is now back below the psychologically key 1500 whole figure level, but appears more likely to retest the 2023 high within a day following the highly anticipated WASDE Tuesday than it is to retest the 2023 low…
