Soybean (ZS) Daily Chart Descending Wedge Completing

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Soybean (ZS) is breaking the 4hr chart descending wedge resistance in today's Asia morning. ZS is also arguably nearing completion of the daily and weekly chart descending wedge. Among the agris on myWatchlist , ZS has been hit the hardest in the past 2 months due to the US-China trade war, but also stands to rebound the strongest following the bottoming efforts underway. The steep downsloping weekly MACD will keep most bulls away, but aggressive traders will begin anticipating a flattening of the weekly MACD green line which could quickly occur within a few strong up days. Aside from the weekly MACD, the weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am long as of last Monday at 874, and am 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 set my stops tighter).


Soybean (ZS) Weekly/Daily/4hr

ZS (Soybean) Technical Analysis

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