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Wheat (ZW) Forms Fresh 2023 Low Near Key 600 Level

Wheat (ZW) Forms Fresh 2023 Low Near Key 600 Level

Posted May 1, 2023
Darren Chu
Tradable Patterns

Wheat (ZW) Forms Fresh 2023 Low Near Key 600 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.  A break above the 4hr chart descending wedge resistance will dramatically increase the odds of testing the April high in the week after.  Congratulations to Premium Members alerted Feb 14, 2022 to the looming resumption in the major uptrend and who benefited, along with those who took advantage of  the Aug 21, 2020 highlighting of ZW’s major bottoming effort.  The weekly RSI, Stochastics and MACD are bottomish, but weighed by the still downsloping daily MACD.  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).  Click here for analysis on SOYBEAN, USDCAD

Source: Interactive Brokers TWS

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