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Spring Wheat(MWN21)

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Wheat (ZW) Trying to Bounce Off Weekly Chart Descending Wedge Support

Tradable Patterns - Mon May 15, 12:37AM CDT

Wheat (ZW) Weekly/Daily/4hr

Wheat (ZWN23) is trying to firm to start the week, but appears likely to consolidate another day or so after Friday’s rejection post-WASDE at triangle resistance (on the 4hr chart). Before bulls get excited, they’ll want to see ZW break above downchannel resistance (on the daily chart), which if successful would dramatically increase odds of breaking descending wedge resistance (on the weekly chart) in the week after.  In the meantime, ZW remains vulnerable to a retest in May of the 2023 low (formed early May) and the weekly chart descending wedge support coinciding roughly with the psychologically key 600 whole figure level. 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 mostly bottomish.  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, USDCHF

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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.