Wheat (ZW) Nearing Weekly Chart Descending Wedge Support
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, odds are moderate for a sliding back to the 2021 low just below the psychologically key 600 whole figure level sometime in Q1. ZW will need a weekly close above descending wedge resistance (on the weekly chart) to neutralize the still somewhat bearish longer term momentum. Monitor as usual for any escalation in the Ukraine-Russia conflict. 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 tiring weekly Stochastics is weighing on the weekly MACD which is trying to positively cross. 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, GBPAUD
Source: Interactive Brokers TWS
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