Soybean (ZS) Weekly MACD Negatively Crossing

By:

CFA, Founder Tradable Patterns

Soybean (ZS) is showing exhaustion after selling off last week following a fresh 2022 high the week prior.  Any break below descending triangle support (on the 4hr chart) will likely coincide with a slide below ascending triangle support (on the weekly chart).  Although the June peak was just shy of the 2012 record high, ZS does not appear to have any more upward momentum to retest the 2022 high, and could be in the early stages of a deeper correction to the 38.2% Fib retrace of the bull market extension that began November.  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, daily and 4hr RSI, Stochastics and MACD are tiring or steadily sloping down.  When ZS reopens from the US Juneteenth holiday I’ll be looking to enter short in the red zone (of the daily chart), targeting the green 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, GBPUSD

Source: Interactive Brokers TWS

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

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