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Soybean (ZS) Daily MACD Tries Positively Crossing

By:

CFA, Founder Tradable Patterns

Soybean (ZS) Daily MACD Tries Positively Crossing

Soybean (ZS) is consolidating Friday’s WASDE-fueled bounce to start the week, trying to hold the break above downtrend resistance (on the 4hr chart).  Significantly, although ZS remains within a downchannel (on the daily chart), it appears to be in the early stages of trying to halt the deep consolidation since the June peak.  Key to ZS’ break below uptrend/triangle support (on the weekly chart) being a fakeout will be whether ZS holds the June low in September.  Congratulations to Premium Members alerted Aug 24th to ZS remaining in play for a pending rally continuation and to those warned of the short opportunity Jun 14th and who benefited.  Except for the weekly MACD which still slopes down, the weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to enter 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 CORN, VIX

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)

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