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Wheat (ZW) Tries Bouncing Off Daily Chart Upchannel Support

By:

CFA, Founder Tradable Patterns

Wheat (ZW) Tries Bouncing Off Daily Chart Upchannel Support

Wheat (ZW) is trying to firm to start the week, continuing last week’s effort to bounce off  the 38.2% Fib retrace of the July to August rally.  Significantly, ZW appears to be in the middle innings of an orderly consolidation as opposed to the beginning of a Double Top (on the weekly chart) with the August high only slightly above the May high.  Nevertheless, with the next WASDE slated for Sep 10th, bulls should be prepared for the moderate risk of a post-WASDE retest of the 50% Fib coinciding with the psychologically key 700 whole figure level.  Congratulations to Premium Members alerted Aug 21st to ZW’s major bottoming effort and who benefited.  The weekly, daily and 4hr RSI, Stochastics and MACD are mostly bottomish, rallying or consolidating recent gains.  I am looking to go 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, ARABICA COFFEE 

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

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