Wheat (ZW) is consolidating Friday’s bounce off a fresh 2023 low and descending wedge support (on the weekly chart) to start the week. Any break above the 4hr chart downchannel resistance in the next day or so would coincide with decisive gains above descending wedge resistance (on the daily chart), and dramatically increase odds of a test of the psychologically key 700 whole figure level in the day or so after…
Wheat (ZW) is looking wobbly to start the week, gravitating towards the psychologically key 700 whole figure level. However, with ZW also probing descending wedge support (on the weekly chart), odds are moderate and rising for a strong bounce this week…
Corn (ZC) is trying to firm to start the week but remains vulnerable to more downside this week after breaking last Thursday below triangle support (on the weekly chart). Odds are roughly equal for ZC to bounce off downtrend support (on the 4hr chart) before month end as it is for a slide to a fresh 2023 low in the same period…
Corn (ZC) edged higher Friday ahead of today’s US Presidents Day holiday, but is about to see a volatility spike with the triangle (on the weekly chart) near complete. Any break above the January high would dramatically increase odds of testing the psychologically key 700 whole figure level and November high in the few days after…
Wheat (ZW) is consolidating Friday’s near 4% surge to start the week, hesitating just below the December high. A higher February high versus the December high will go a long way in halting the bear trend since the May high, and is likely given the room before bumping up against the psychologically key 800 whole figure level and upchannel resistance (on the 4hr chart)…
Wheat (ZW) is firming to start the week, consolidating last week’s break above downtrend/descending wedge resistance (on the weekly chart). Odds are rising that ZW’s slide beneath the 61.8% Fib retrace (at ~758) of the September 2016 to March 2022 bull market (as can be seen on a monthly chart on tradingview.com), was an overshoot…
Soybean (ZS) is edging higher to start the week, and appears poised to retest the January high this week. With ZS comfortably closing last week above the psychologically key 1500 whole figure level, odds are rising and elevated for a test of the June 2022 high sometime by or on the day of the next highly anticipated WASDE February 8…
WTI Crude (CL) is vulnerable to sliding to below the psychologically key 80 whole figure level today following the highly anticipated weekly inventory data at 1030am EST. The rejection this week so far at downchannel resistance (on the weekly chart) just below the 38.2% Fib retrace of the slide from the 2022 high in June to the December low suggests higher odds of retesting of the January low before month end than for a break above the December high during the same period…
Wheat (ZW) is starting the week continuing a consolidation near the 2022 low, remaining vulnerable to a deeper slide towards descending wedge support (on the weekly chart) in January. With ZW below 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), odds are moderate for a sliding back to the 2021 low just below the psychologically key 600 whole figure level sometime in Q1…
Wheat (ZW) is starting the week consolidating for a 3rd straight day near the 2022 low, remaining vulnerable to a deeper slide towards descending wedge support (on the weekly chart) in January. With ZW below 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), ZW is moderately vulnerable to sliding back to the 2021 low just below the psychologically key 600 whole figure level sometime in Q1….
