Soybean (ZS) is consolidating for a 3rd straight day to start the week, hovering just above downtrend resistance (on the daily chart). Significantly, ZS has halted the deep correction from the May/June peak with its push last week above descending wedge resistance (on the weekly chart). Bullishly, ZS has formed a higher November high versus the October high, reclaiming the 50% Fib retrace of the May 2019 to May 2021 rally. 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. The weekly and daily 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).
Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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