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Wheat (ZW) Consolidating Near 2021 High

Wheat (ZW) Consolidating Near 2021 High

Posted October 4, 2021
Darren Chu
Tradable Patterns

Wheat (ZW) Consolidating Near 2021 High

Wheat (ZW) is consolidating to start the week, digesting Friday’s massive 4% plus gains.  Significantly, ZW bounced last week from the psychologically key 700 whole figure level, and is suddenly just shy of the 2021 high.  ZW has just formed a much higher September low than the July low, which reinforces the bullishness of the higher August high versus the May high.  Congratulations to Premium Members alerted Aug 21st to ZW’s major bottoming effort and who benefited.  The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to go long in the green zone (of the daily chart), targeting the red zone for Friday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). 

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Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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