Wheat (ZW) Testing 38.2% Fib Retrace of War Surge
Wheat (ZWH22) is consolidating to start the week, trying to halt the strong slide since Tuesday’s 2022 and record high. Significantly, although ZW is suddenly testing the 38.2% Fib retrace of the February to March rally extension, ZW appears vulnerable this week to further profittaking towards the psychologically key 1000 whole figure level. All eyes will be on the Ukraine-Russia conflict this week on any hint of ceasefire or war escalation. 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 RSI, Stochastics and MACD are bottomish or rallying, but weighed by the daily MACD which appears to be trying to negatively cross. 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, RAW SUGAR
Wheat (ZW) Weekly/Daily/4hr
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