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Wheat (ZW) Weekly Chart Descending Wedge Near Complete

Wheat (ZW) Weekly Chart Descending Wedge Near Complete

Posted March 20, 2023
Darren Chu
Tradable Patterns

Wheat (ZW) is consolidating near the psychologically key 700 whole figure level after bouncing off the 2023 low (formed a bit more than a week ago).  Odds are moderate for a break of descending wedge resistance (on the weekly chart) before month end, which if successful, would neutralize the bear trend since the May high and dramatically increase the likelihood of ZW retesting the February high in the week after.  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 weekly and daily RSI, Stochastics and MACD are bottomish, rallying 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 SOYBEAN, GBPAUD


Source: Interactive Brokers TWS
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