Soybean (ZS) Retests Weekly Chart Triangle Resistance Ahead of WASDE

Soybean (ZS) Retests Weekly Chart Triangle Resistance Ahead of WASDE

Articles From: Tradable Patterns
Website: Tradable Patterns

By:

CFA, Founder

Tradable Patterns

Soybean (ZS) Retests Weekly Chart Triangle Resistance Ahead of WASDE

Soybean (ZS) is forming a daily and weekly Doji to start the week, hesitating after last week’s strong surge to triangle resistance (on the weekly chart).  With ZS having reversed more than half of the sharp slide from the June high to the July low, odds are better for a retest of the 2022 high going into year end, than it is for a slide back to the July low during the same period, with the July low coinciding with the 50% Fib retrace of the May 2019 to June 2022 bull market.  Watch for sharp volatility following Wednesday’s highly anticipated WASDE, keeping an eye as well on the escalation in the Ukraine-Russia conflict.  Congratulations to Premium Members alerted Aug 24, 2020 to ZS remaining in play for a pending rally continuation and to those warned of the short opportunity Jun 14, 2021 and who benefited.  The weekly RSI, Stochastics and MACD are bottomish or consolidating recent gains, but weighed by the overbought daily and 4hr Stochastics.  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 WHEAT, COCOA

  data-src=

Source: Interactive Brokers TWS

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

  data-src=
Disclosure: Interactive Brokers

Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Tradable Patterns and is being posted with its permission. The views expressed in this material are solely those of the author and/or Tradable Patterns and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Disclosure: Futures Trading

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.