Wheat (ZW) Weekly MACD Tries Positively Crossing Ahead of WASDE
Wheat (ZW) is consolidating to start the week, digesting the bounce the began Wednesday off a fresh 2023 low. Odds are now higher for a test of descending wedge resistance (on the weekly chart) by next Monday (following the highly anticipated WASDE Friday) than it is for a test of wedge support coinciding roughly with the psychologically key 600 whole figure level. Before bulls get excited, they’ll want to see a higher May high than the April high. 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 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, GOLD
Source: Interactive Brokers TWS
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