Soybean (ZS) is trying to firm to start the week after last week’s decisive break below uptrend support (on the weekly chart). Any break above descending wedge resistance (on the 4hr chart) could trigger a multi-day bounce off the 50% Fib retrace of the November to June bull market extension, along with downtrend support (on the daily chart). Nevertheless, the sharp slide in the past 2 weeks after failing to tag the 2012 record high suggests a likely deepening in the correction after this week’s bounce. 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 Stochastics and MACD are steadily sloping down, weighing on the early stage bottomish daily RSI and 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 CORN, GBPAUD
Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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