Wheat (ZW) Tries Bouncing Off Weekly Chart Descending Wedge Support

Articles From: Tradable Patterns
Website: Tradable Patterns

By:

CFA, Founder

Tradable Patterns

Wheat (ZW) is consolidating Friday’s bounce off a fresh 2023 low and descending wedge support (on the weekly chart) to start the week.  Any break above the 4hr chart downchannel resistance in the next day or so would coincide with decisive gains above descending wedge resistance (on the daily chart), and dramatically increase odds of a test of the psychologically key 700 whole figure level in the day or so after.  Although unlikely for now, a rally back above the weekly chart descending wedge resistance by month end would neutralize 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 MACD is weighing on the bottomish weekly RSI and Stochastics.  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, GBPUSD

Source: Interactive Brokers TWS
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