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Wheat (ZW) Testing Key 700 Level

Wheat (ZW) Testing Key 700 Level

Posted March 6, 2023
Darren Chu
Tradable Patterns

Wheat (ZW) Testing Key 700 Level

Wheat (ZW) is looking wobbly to start the week, gravitating towards the psychologically key 700 whole figure level.  However, with ZW also probing descending wedge support (on the weekly chart), odds are moderate and rising for a strong bounce this week.  Any clawing back above descending wedge resistance (on the 4hr chart) will dramatically increase odds of a testing of the weekly chart descending wedge resistance in the week after, neutralizing the bear trend since the May high.  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.  The still downsloping 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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