Wheat (ZW) is correcting within its month or so upchannel (on the daily chart), vulnerable to sliding back to upchannel support in the next few days. Nevertheless, the bounce off the 2022 low in August has been strong enough that ZW is on pace to forming a higher September low versus the August low, reinforcing the higher September high versus the August high…
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Wheat (ZW) is seeing a bit of healthy consolidation ahead of today’s highly anticipated WASDE at noon EST. Although the bounce off the 2022 low in August has formed a higher September high versus the August high, the immense volatility post-WASDE could briefly send ZW back to upchannnel support (on the 4hr chart)…
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Gold (GC) is trying to halt the slide from the August high but remains vulnerable to drifting back to the 2022 low (formed in July). Any break though above descending wedge resistance (on the 4hr chart) ahead of the weekend will dramatically increase odds for a weekly close above descending wedge resistance (on the weekly chart) sometime in September…
Corn (ZC) is consolidating Friday’s surge post-WASDE, catching its breath before trying to challenge the July high. With ZC unable to slide back to the psychologically key 600 whole figure level immediately following Friday’s WASDE, ZC is making progress with its higher major low that began in July, coinciding with the 50% Fib retrace of the April 2020 to April 2022 bull market (as can be seen on tradingview.com)…
Wheat (ZW) is trying to halt the deep slide since the 2022 peak in May. With the near completion on a descending wedge (on the daily chart), and ZW testing the 2022 low, odds are elevated for a bullish resolution post-WASDE to the near complete weekly chart triangle…
Wheat (ZW) is gapping up almost 3% to start the week, trying to halt the slide since the 2022 peak in May. Although ZW remains vulnerable to sliding to downchannel support (on the daily chart) in the next week, odds are higher for ZW to bounce from current levels which coincide with the 61.8% Fib retrace of the December 2016 to February 2022 bull market (as can be seen on tradingview.com)…
Corn (ZC) has gapped up 4% plus to start the week, and is suddenly testing the 38.2% Fib retrace of the May to July slide. With last week’s green weekly Hammer and ZC trying to reclaim downchannel support (on the daily chart), ZC appears to have halted the slide from the May peak.
Wheat (ZW) is trying to firm after Friday’s WASDE, but remains vulnerable to a deeper consolidation in June. The monthly red hammer trying to form (as can be seen on tradingview.com) after 3 green monthly candles with long upper shadows suggests a moderately high probability for a retest in June of the psychologically key 1000 whole figure level and the 50% Fib retrace of the January to March bull market extension…
