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Wheat (ZW) Gives Up Half of Aug-Sep Bounce

Wheat (ZW) Gives Up Half of Aug-Sep Bounce

Posted October 24, 2022
Darren Chu
Tradable Patterns

Wheat (ZW) Gives Up Half of Aug-Sep Bounce

Wheat (ZW) is looking wobbly to start the week, remaining vulnerable to a deeper consolidation this week towards descending wedge support (on the 4hr chart).  Odds are moderately high for a lower October low versus the September low.  ZW does not appear likely for now though to form a fresh 2022 low before year end.  The escalation in the Ukraine-Russia conflict deserves close monitoring.  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.  Except for the still downsloping daily MACD, the weekly and daily RSI, Stochastics and MACD are bottomish 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).  Click here for analysis on CORN, SILVER

Source: Interactive Brokers TWS

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

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