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Wheat (ZW) Consolidating Bounce Off Fresh 2023 Low

Wheat (ZW) Consolidating Bounce Off Fresh 2023 Low

Posted March 27, 2023 at 1:23 am
Darren Chu
Tradable Patterns

Wheat (ZW) Consolidating Bounce Off Fresh 2023 Low

Wheat (ZW) is consolidating to start the week after last week’s bounce off a fresh 2023 low.  Although ZW could retest in the next week or so the weekly chart descending wedge support, odds are increasing and moderate for a test of the same wedge’s resistance before month end.  The bear trend since the May high neutralizes on any daily close above the psychologically key 750 whole figure level.  Before bulls get excited, they’ll want to see a break above the February 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, daily and 4hr 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, AUDUSD

Source: Interactive Brokers TWS

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